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According to The Sun report, Home sellers who have used a real estate broker in the past seven years may be entitled to a portion of a $730 million settlement resulting from a recent class-action lawsuit. The process to claim your share is straightforward—meet the basic eligibility criteria and submit a simple claim form.
Settlement Overview
The class-action lawsuit against American Multiple Listing Service (MLS) providers was settled last month, with major industry players facing substantial financial repercussions. An MLS is a network of real estate agents that shares property information to facilitate transactions and boost commission fees.
The lawsuit alleged that these MLSs created a monopoly that allowed them to artificially inflate commission fees, in violation of antitrust laws. Notable MLSs involved include Compass Inc., Real Brokerage, and Realty ONE, among others.
Eligibility Criteria
Americans who sold a home between October 31, 2017, and July 23, 2024, and paid a broker fee are potentially eligible for a settlement payout. To qualify, sellers must provide proof of property ownership and sale during this period, along with evidence of a broker commission fee.
The payout amount will be determined based on a proportionate share of the settlement fund.
Important Details
To receive compensation, eligible sellers must submit a claim form with the necessary documentation to the participating lawyers by May 9, 2025. If you have previously filed a grievance against any of the defendants, no additional paperwork is needed.
Other MLSs specifically named in the lawsuit include:
- At World Properties LLC
- Douglas Elliman
- Redfin
- Engel & Völkers
- HomeSmart
- United Real Estate
These companies are responsible for approximately $110 million of the settlement, which totals over $730 million when all liable MLSs are included.
Claimants who wish to opt out of the settlement to pursue other legal actions must submit their exclusion request by October 3, 2024. The final hearing for the settlement is scheduled for October 31, 2024.
Understanding Class-Action Settlements
Class-action lawsuits allow groups of individuals, or “classes,” to collectively bring a case against a company or entity. These suits often arise from claims of widespread harm, such as pollution, discrimination, or false advertising.
When a class action is settled, the company typically offers compensation to class members, who generally waive their right to pursue further legal action in exchange for the settlement.
Claim Process
If you believe you qualify for a share of the settlement, ensure you meet the following criteria:
- Sold a home between October 31, 2017, and July 23, 2024
- Listed the property on an MLS anywhere in the United States
- Paid a commission to a real estate brokerage firm
Supporting evidence includes closing documents from the home sale that indicate the sale date and brokerage fees paid. For more details on the lawsuit and claims process, visit the Real Estate Commission Litigation website.
Prosecutors have not yet announced the date when eligible claimants can expect their payouts.
