realestate

NAR Settlement Fund to Receive $30 Million Boost from New Opt-in Recipients

Plaintiffs seek preliminary approval for settlements with 28 entities, including 15 non-Realtor MLSs and 13 brokerages.

P
laintiffs in the Sitzer/Burnett case have filed for preliminary approval of deals with 15 non-Realtor MLSs and 13 real estate brokerages that opted into the NAR settlement. The court document, filed September 30, reveals over two dozen organizations that have joined the settlement, adding nearly $30.6 million to the fund.

    To opt-in, these organizations agreed to make additional payments based on a formula, implement practice changes, and cooperate with ongoing litigation. The deadline for opting in was June 18. The 15 non-Realtor MLSs will pay over $6.2 million in fines, including Alaska MLS ($238,800), BAREIS ($736,800), and MetroList ($2,280,100).

    The 13 brokerages that opted-in will pay a total of over $24.3 million, including Fathom Holdings ($2.95 million), Brown Harris Stevens ($2.9 million), and Shorewest Realtors, Inc. ($6,923,153). The original NAR settlement of $418 million has increased to $448.6 million with the opt-ins, bringing the total combined settlements to over $980 million. The plaintiffs are seeking final approval of the opt-in settlements at the November 26 hearing on the NAR settlement.

National Association of Realtors (NAR) settlement fund receives $30 million boost.