The New York Times is reporting that the National Association of Realtors is prepared to settle the class-action commission lawsuits for $418 million. Legal counsel for NAR reportedly approved the agreement Friday morning, which the NYT has reviewed.
The deal, yet to be filed, will still needs a federal court’s approval before being finalized.
Last month, Keller Williams became the latest defendant to reach a settlement in the suit, agreeing to pay $70 million and change business practices moving forward. As we previously reported, last fall, RE/MAX and Anywhere announced that their respective settlement offers had received preliminary approval from the courts. Anywhere said it would settle Sitzer-Burnett and Moehrl for $83.5 million, while RE/MAX announced it’s settling for $55 million.
No official word yet from NAR on the agreement.
For more on the NYT’s coverage, click here.