A day after Judge Stephen Bough granted final approval to the settlement, an entity known as Spring Way Center, along with several homesellers, decided to appeal the deal.
Whether it’s refining your business model, mastering new technologies, or discovering strategies to capitalize on the next market surge, Inman Connect New York will prepare you to take bold steps forward. The Next Chapter is about to begin. Be part of it. Join us and thousands of real estate leaders Jan. 22-24, 2025.
The National Association of Realtors’ landmark antitrust commission settlement only just received its final approval last week, but there is already an appeal in place.
The appeal to the Eight Circuit Court of Appeals is being made by Spring Way Center and others. The group officially filed their notice of appeal the day after Judge Stephen Bough approved the settlement for the Sitzer | Burnett case and other antitrust lawsuits initiated by homesellers.
TAKE THE INMAN INTEL INDEX SURVEY FOR NOVEMBER
The news of the appeal was initially reported by HousingWire.
Spring Way Center, previously a plaintiff in another homeseller lawsuit, first voiced objection to the Sitzer | Burnett settlement in October, citing concerns about the agreement’s scope, consumer compensation, and industry practice changes. These objections were echoed by Tanya Monestier, a law professor at the University of Buffalo, who also disputed the settlement by stating that consumers may not benefit significantly either financially or through the required changes, and could potentially be worse off.
Spring Way Center also aligned their objections with Knie and Shealy, who were representing homeseller-plaintiffs in the Burton suit from South Carolina and objected to the settlement in October.
Even though the settlement received final approval recently, an appeal was anticipated by many, including Monestier. The appeal, initiated by Spring Way Center and other homeseller-plaintiffs, signals that the NAR settlement approval does not mark the end of antitrust commission litigation, and legal proceedings are likely to continue with ongoing attention from the U.S. Department of Justice.
Read Spring Way Center’s notice of appeal here (if the document doesn’t appear, refresh the page):Â
Email Jim Dalrymple II
