Carl Horst Chief Executive Officer at Cincinnati Area Board of REALTORS | Official website
Carl Horst Chief Executive Officer at Cincinnati Area Board of REALTORS | Official website
Today, Judge Bough granted preliminary approval for a settlement agreement related to the Sitzer-Burnett case and other similar actions. This decision temporarily prevents settlement class members from filing complaints or pursuing claims concerning broker commissions against the National Association of Realtors (NAR) or other parties included in the settlement.
Katie, who shared this update, reminded that individual NAR members and brokerages with residential home sales under $2 billion in 2022 are automatically covered by the settlement. However, certain entities must take action to be included. These include REALTOR® MLSs, brokerages with over $2 billion in sales, and non-REALTOR® MLSs. They need to submit relevant affidavits by June 18, 2024.
The final court approval is pending, with a hearing scheduled for November 26, 2024. The practice changes outlined in the agreement are expected to start in late July, with class notice sent no earlier than August 17, 2024.
Questions about the opt-in process can be directed to Mike Rohde at mrohde@nar.realtor.
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