A federal jury found major real estate groups liable and ordered them to pay $1.8 billion in damages as part of an antitrust lawsuit that accused them of colluding to inflate commission rates.
The jury, based out of Kansas City, found Tuesday that the National Association of Realtors, Keller Williams Realty, and HomeServices of America conspired to inflate and maintain high commissions artificially.
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In the two-week trial, attorneys for the plaintiffs argued that the groups knowingly broke their own antitrust rules, according to HousingWire.
While the damages awarded in the case are large, the judge has the ability to triple them to a total of more than $5 billion.
NAR immediately pushed back on the ruling and noted that this isn’t the end of the road for the group. In a statement provided to the Washington Examiner, Mantill Williams, NAR’s vice president of communications, said the matter is “not close to being final as we will appeal the jury’s verdict.”
“We will continue to focus on our mission to advocate for homeownership and always put consumer interests first,” Williams said. “It will likely be several years before this case is finally resolved.”
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Additionally, Keller Williams vowed to “consider all options as we assess the verdict and trial record, including avenues of appeal.”
The judge must issue a final ruling in the case before the jury’s verdict is finalized.
