MLS PIN has agreed to a settlement of $3.95 million concerning a class-action lawsuit over real estate commission practices. This amount matches what it would have contributed to the previous Sitzer/Burnett settlement. A preliminary approval hearing is scheduled for June 10 in federal court, addressing concerns raised by the DOJ and Judge Patti B. Saris. She emphasized that the settlement must target only residential transactions, excluding commercial properties. MLS PIN, although independent of NAR rules, chose litigation over joining NAR's earlier $418 million settlement, which has now been approved.
MLS PIN's $3.95 million settlement resolves litigation concerns while maintaining focus on residential real estate, aligning with legal expectations set by the judge.
The DOJ's input during preliminary hearings led to a settlement narrowly focused on residential transactions, reflecting court rejection for broader applications to commercial properties.
Judge Patti B. Saris underscored the distinct nature of residential and commercial real estate, inhibiting the inclusion of commercial sales in MLS PIN's settlement conditions.
The Sitzer/Burnett lawsuit highlighted industry practices that allegedly inflated commissions, pushing MLS PIN to comply with the settlement despite being independent of NAR rules.
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