The franchisors are not required to implement the business practice changes they agreed to until after the appeals process.
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After trying — and failing — to stop the final approval of nationwide settlements to resolve antitrust claims against major real estate franchisors Anywhere, Keller Williams and RE/MAX, a homebuyer is appealing to a higher court.
The appeal may delay implementation of the settlements in which Anywhere, RE/MAX and Keller Williams agreed to pay $83.5 million, $55 million and $70 million, respectively. No one in the settlement classes who has made a claim will receive payment until any appeals have been resolved.
The franchisors are also not required to implement the business practice changes they agreed to until after the appeals process, when the settlements will become effective. These changes include no longer requiring franchisees and their affiliated agents to join or be members of the National Association of Realtors or follow the Realtor Code of Ethics or NAR’s multiple listing service policy handbook.
“An appeal of this kind is neither unusual nor unexpected,” a spokesperson for Anywhere told Inman in a statement. “We have full confidence that our settlement is fair, reasonable, and enforceable, and that the trial court’s order to grant it final approval was absolutely correct.”
Anywhere did not respond when asked whether the appeal will delay the business practice changes that Anywhere agreed to in the settlement until after the appeal has resolved.
The settlements for the three franchisors cover claims from the cases known as Sitzer | Burnett, Moehrl and Nosalek, as well as other, similar homeseller suits nationwide. The suits allege that some NAR rules violate the Sherman Antitrust Act by inflating seller costs….