Posted November 2, 2023
A Kansas City jury in the federal case of Burnett v. National Association of Realtors (NAR) ordered the NAR and other entities liable for approximately $1.8 billion in damages after being found guilty of colluding to inflate real estate commissions.
The 11-day-long trial came to a verdict on Tuesday, that real estate brokers the National Association of Realtors, HomeServices of America and Keller Williams Realty will have to pay $1.78 billion in damages to home sellers for around 260,000 homes in Missouri, Kansas and Illinois.
The lawsuit was filed in 2019 where plaintiffs demanded a change in the commission paid to the broker and the home buyer which is 6 percent in fees.
Following the jury’s decision, NAR President Tracy Kasper released a statement announcing the organization has plans to appeal the liability. Additionally, the NAR will ask the court to reduce the damages awarded by the jury.