FACTS.REALTOR:
On March 15, the National Association of REALTORS® announced a proposed $418 million settlement agreement that would end litigation of claims brought on behalf of home sellers related to broker commissions. On April 19, the Plaintiff’s counsel filed a Motion for Preliminary Approval, and the judge has granted that motion for preliminary approval.
Visit Visit facts.realtor to find a copy of the proposed litigation settlement, regularly updated FAQ’s, informational videos, and resources for home sellers and homebuyers. Check back often for updates.
LAWSUIT - PENDING SETTLEMENT NOTIFICATIONS:
Consumers (and former clients for some) will begin to receive notifications about pending settlements for a few of the class-action lawsuits across the country. You may start to be asked about “the postcards” or notification letters in the marketplace. The notice gives members of the settlement class information about how to, e.g., make a claim or opt-out of the settlements if, for example, they want to bring their own lawsuits against one or more of the defendants. Under the recent NAR proposed litigation settlement announced on March 15, notifications for that proposed settlement could be distributed anytime following the August 17th deadline.
If someone asks for more details about any of the litigation settlements or whether they should make a claim or opt out of the settlements, you could suggest that they consult an attorney. You can also refer them to the website or phone number listed on the notice they received for further information.
Updated information about NAR’s proposed litigation settlement can be found on facts.realtor.
|