Trending
By the Numbers: The landmark $1.8B commissions verdict
Breaking down the courtroom decision sending shockwaves through the real estate industry
A jury found the National Association of Realtors, Keller Williams and HomeServices of America liable of colluding over commission rates. The decision still needs to be finalized by the judge, but all parties are still looking into what’s next.
“This matter is not close to being final,” NAR said in a blog post on the verdict. The trade group said it would appeal the verdict and ask the court to reduce the damages awarded by the jury.
With so much swirling in the air, here’s a breakdown of the litigation by the numbers so far:
2: weeks of testimony in a Kansas City courtroom over alleged collusion between National Association of Realtors, Keller Williams and HomeServices of America over commission rates.
2.5: hours of deliberation it took for the jury to reach its verdict.
500,000: home sellers in Missouri who accused NAR, Keller Williams and HomeServices of America of conspiring to hike commission costs.
1.78 billion: dollars in damages awarded by the jury.
5 billion: dollars the defendants could be on the hook for should the judge award treble damages, as is possible in cases like this.
40 billion: potential damages the defendants could be on the hook for in an upcoming trial in Chicago, known as Moehrl, involving similar issues should the plaintiffs prevail and the judge awards treble damages.
138.5 million: combined dollars Anywhere Real Estate and Re/Max settled for ($83.5 million and $55 million, respectively), along with updates to business policies prior to going to trial, a prescient move given the jury’s verdict.
1: lawsuit filed immediately after the jury verdict by the plaintiff’s attorney against NAR, Compass, Douglas Elliman, eXp, Redfin, Weichert Realtors, United Real Estate and Howard Hanna Real Estate Services for similar offenses that it claimed in the Sitzer/Burnett trial.
1: new interim CEO at NAR, Nykia Wright, who is taking over Nov. 20. Current embattled CEO Bob Goldberg, who had planned on stepping down at the end of the year, accelerated the move two days after the jury verdict.