Real estate giant REMAX has reached an $8.5 million settlement in the Batton antitrust home-buyer commission lawsuit, following a similar $20 million settlement by Keller Williams Realty. This agreement aims to resolve claims that REMAX, along with other major real estate entities, conspired to inflate agent commissions and, consequently, home prices.
Key Takeaways
- REMAX will pay $8.5 million to settle the Batton antitrust lawsuit.
- The lawsuit alleged collusion to fix agent commissions and inflate home prices.
- This settlement follows a $20 million agreement by Keller Williams Realty.
- REMAX states the settlement is a business decision to bring certainty and does not admit liability.
The Batton Antitrust Lawsuit
The Batton antitrust lawsuit, filed in 2021, accused REMAX, Keller Williams Realty, Anywhere Real Estate, and the National Association of REALTORS® of engaging in practices that artificially inflated real estate commissions. Unlike the Sitzer/Burnett lawsuit, which involved home sellers, the Batton case focused on claims from home buyers.
REMAX is the second defendant to agree to a settlement in this class-action litigation. The company has expressed that entering into this agreement is a strategic business decision designed to provide closure and allow its affiliates to focus on serving clients without the distraction of ongoing legal proceedings.
Settlement Terms and REMAX’s Stance
Under the terms of the agreement, REMAX is slated to pay $1.5 million upon preliminary court approval of the settlement. An additional $7 million will be paid once the court grants its final approval.
In an SEC filing, REMAX emphasized that the settlement agreement and any actions taken to implement it do not constitute an admission or concession of liability. The company continues to deny the core allegations of the lawsuit, stating that the decision to settle was made after carefully considering the risks and costs associated with continuing the litigation.
