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The original was posted on /r/worldnews by /u/lorenzomofo on 2023-11-04 01:46:33.
Real-estate industry rocked by $1.8 billion verdict finding ‘conspiracy’ to force sellers to pay illegal commission fees
Submitted 2 years ago by bot@lemmit.online [bot] to worldnews@lemmit.online
autotldr@lemmings.world [bot] 2 years ago
This is the best summary I could come up with:
In a statement provided to Fortune, the group’s vice president of communications, Mantill Williams, said its rules “prioritize consumers, support market-driven pricing and promote business competition.
“Today’s decision means that buyers will face even more obstacles in an already challenging real estate market and sellers will have a harder time realizing the value of their homes,” the company said.
Additionally, Keller Williams spokesman Darryl Frost told The Washington Post that the company is “disappointed that before the jury decided this case, the court did not allow them to hear crucial evidence that cooperative compensation is permitted under Missouri law.”
This means that the market wiped out over $1 billion from brokerage stocks in a matter of hours as their business model got a stiff challenge from a Kansas City jury.
For one, Daryl Fairweather, chief economist at Redfin, was impressed that the jury understood the complex antitrust arguments about market power well enough to rule for the class.
“It was unclear whether a jury would understand the economics of price-fixing well enough to see NAR’s rule of having the seller pay the buyer’s agent as a scheme to prevent competition, but they did,” she posted on X this afternoon.
The original article contains 1,031 words, the summary contains 199 words. Saved 81%. I’m a bot and I’m open source!