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Powerful realtors group agrees to cut commissions in landmark $418M settlement

From nypost.com

The National Association of Realtors said on Friday it has resolved a slew of litigation accusing the trade group and brokerages of conspiring to keep real estate commissions artificially high nationwide. Under the settlement, the realtor group would pay $418 million over about four years. The accord also resolves claims against more than 1 million members, state and local realtor associations, and most smaller brokerages. Court approval is required. As part of the settlement, the realtor group also agreed starting in mid-July to prohibit offers of broker compensation on its Multiple Listing Service, and require ... (full story)

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