CLEVELAND — A federal jury in Kansas City, Missouri, awarded $1.8 billion to home sellers who filed a class-action lawsuit against the National Association of Realtors and multiple real estate companies for colluding to inflate commissions paid to agents.
The verdict stated that the defendants “conspired to require home sellers to pay the broker representing the buyer of their homes in violation of federal antitrust law.”
"I think it's important to realize there are several other states that have comparable lawsuits following behind this," said Donald Sheets, executive director of The Ohio State University Center for Real Estate, in an interview with Spectrum News 1.
"So, all of a sudden, what we're seeing is a coalescence around what has been a decades-long commission structure that's now under severe pressure," Sheets added.
Watch the full interview above.