Shaina Mishkin
HomeServices of America, the Berkshire Hathaway-affiliated real estate brokerage, said Friday it agreed to pay $250 million to settle high-profile litigation over real estate agent commissions.
HomeServices of America was among the large brokerages found guilty of following rules that kept commissions higher than they would have been otherwise in a $1.8 billion Missouri jury decision late last year. Other defendants, including the National Association of Realtors, Anywhere Real Estate, Re/Max, and Keller Williams, have previously settled.
A federal judge earlier this week gave preliminary approval for the National Association of Realtors' settlement, in which it will pay $418 million over four years and make changes to its rules. HomeServices of America separately will pay $250 million over a four-year period.
"The financial terms of the settlement represent a sole obligation of HomeServices, with no participation by any parent entity, to effectively conclude our involvement in the antitrust litigation," spokesperson Chris Kelly said in a statement emailed to Barron's.
The company settled "to eliminate the uncertainty brought by the protracted appellate and litigation process," Kelly added. "This resolution allows us to concentrate on our primary goal: delivering unparalleled value in the real estate market and serving home buyers and sellers with the highest standards of service."
Write to Shaina Mishkin at shaina.mishkin@dowjones.com
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(END) Dow Jones Newswires
April 26, 2024 11:49 ET (15:49 GMT)
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