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federal judge has given final approval to a landmark settlement that will reshape the real estate industry. The deal stems from lawsuits filed by groups of home sellers against the National Association of Realtors, alleging its standard commission structure was an antitrust violation.
The trade group agreed to settle in March and a preliminary approval was granted in April. As part of the agreement, the NAR has implemented rule changes related to agent commissions, which took effect in August. The $418 million settlement marks a significant shift in the industry's business practices.
