Judge Grants Final Approval of $3.95 Million Settlement in Nosalek v. MLS PIN Commission Lawsuit at Boston Courthouse
Judge Patti B. Saris approves settlement in commission lawsuit against MLS Property Information Network, Inc. at Boston's John J. Moakley Federal Courthouse.
U.S. District Court Judge Patti B. Saris granted final approval to the $3.95 million settlement in the Nosalek v. MLS Property Information Network, Inc. (MLS PIN) commission lawsuit on Monday at Boston's John J. Moakley Federal Courthouse.
The lawsuit, which was filed in 2017, alleged that MLS PIN and the National Association of Realtors (NAR) violated antitrust laws by conspiring to require home sellers to pay buyer broker commissions, ultimately resulting in higher costs for consumers.
The settlement agreement, which was reached in March, includes a $3.95 million payment from MLS PIN to the plaintiffs, as well as changes to the MLS PIN rules and policies. These changes include allowing for more transparency in the commission split between listing brokers and buyer brokers.
During the hearing, Saris noted the importance of the settlement in bringing about changes in the real estate industry. "Right now we are consistent with the NAR settlement," she said, referring to a similar settlement reached with the NAR in November 2020.
The NAR settlement, which was also approved by Saris, included a $500 million payment to the plaintiffs and required the NAR to make changes to its policies and rules, including allowing for more transparency in commission split and prohibiting certain types of steering.
The final approval of the MLS PIN settlement marks another step in the ongoing battle against anti-competitive practices in the real estate industry. However, some critics argue that these settlements do not go far enough in addressing the issue of