Real estate brokerage Compass agreed to pay $57.5 million in class-action lawsuit settlements from U.S. home sellers on Friday. The antitrust lawsuits allege that the company conspired with other brokerages and trade groups to overcharge home sellers by billions of dollars.
According to the Associated Press, the plaintiffs allege that real estate agents forced home sellers to pay “artificially inflated” commissions to agents.
Homeowners were required to include an offer of compensation for buyer’s agents when listing properties for sale on real estate databases, according to The Guardian. Failure to include the offer could conceivably lead to buyer’s agents removing their clients from the listing.
Related: Barbara Corcoran on NAR deal: ‘It’s a scary time for real estate agents’
Compass admitted no wrongdoing and said the settlement would not affect its operations, according to The Real Deal.
“The reason we chose to locate is so we can minimize distractions and focus on serving you and your customers,” CEO Robert Reffkin said in an email statement obtained by the outlet.
Compass joins Anywhere Real Estate, Keller Williams and RE/MAX in proposing a deal. The other three major brokerages agreed to pay a total of $209 million, The Real Deal reported.
Related: ‘Everyone’s Afraid’: Barbara Corcoran Says Now is the ‘Best Time to Buy a Home’ – Here’s Why
By the same token, Compass’s proposed deal includes changes in practice such as creating training materials and improving communication with agents about commissions, which are similar to other companies’ deals.
Last week, the National Association of Realtors finalized a $418 million class-action settlement that removed sales commission rules for brokers and agents.