Newly ID’d opt-ins will add $30 million to NAR settlement fund
Plaintiffs in the Sitzer/Burnett commissions case are seeking preliminary approval for deals with 15 non-Realtor MLSs and 13 real estate brokerages.
A new filing identified more than two dozen non-Realtor multiple listing services and brokerages that have opted in to the NAR settlement, adding nearly $30.6 million to the settlement fund.
The details: The plaintiffs in the Sitzer/Burnett case filed for preliminary approval of opt-in settlements from 15 non-Realtor MLSs and 13 real estate brokerages that chose to opt-in to the settlement offer. The court document for these opt-ins was filed on Sept. 30.
To opt-in, the organizations had to agree to make additional monetary payments based on a formula and make certain practice changes as well as provide cooperation to ongoing litigation. The deadline to opt-in was June 18.
The MLS list: The 15 non-Realtor MLSs in total agreed to pay more than $6.2 million in fines, according to the court document.
Alaska MLS, which will pay $238,800 into the settlement fund
BAREIS ($736,800)
Central Virginia Regional MLS ($100,000)
MetroList ($2,280,100)
Minot MLS ($26,300)
MiRealSource ($100,000)
MLS Exchange ($361,300)
Real Estate Information Network ($934,100)
Richmond MLS ($15,700)
SE Alaska MLS ($19,000)
Southeast Georgia MLS ($16,800)
Spanish Peaks MLS ($15,700)
UNYREIS ($250,000)
West Penn Multi-List ($895,000)
WNYREIS ($250,000)
The brokerage list: The 13 brokerages that opted-in will pay in total more than $24.3 million, according to the court document.
Fathom Holdings ($2.95 million)
Key Realty, Ltd. ($375,000)
Michael Saunders & Company ($1.2 million)
Pinnacle Estate Properties, Inc. ($725,000)
Rose & Womble Realty Company ($100,000)
Brown Harris Stevens ($2.9 million)
Shorewest Realtors, Inc. ($6,923,153)
Silvercreek Realty Group ($350,000)
The Agency ($3.75 million)
Vanguard ($2 million)
Watson Realty Corp. ($1,35 million)
McGraw Davisson Stewart LLC ($800,000)
Downing-Frye Realty, Inc. ($925,000)
According to the court documents, the original $418 million NAR settlement is now up to $448,587,754 when including the opt-ins. Combined with the other settlements, the total is more than $980 million.
The plaintiffs are requesting that the final approval of the opt-in settlements be addressed at the Nov. 26 final hearing on the NAR settlement.