Preliminary approval of the proposed settlement in the Sitzer-Burnett case was granted this morning by the Court.
In it's order, the Court stated that, "the proposed settlement with NAR, as set forth in the Settlement Agreement, is fair, reasonable and adequate, the class representatives have adequately represented the class...and the Court will likely be able to approve the Settlements..."
This decision moves the case in a positive direction along the timeline below. As previously mentioned, June 18 is a major deadline for MLSs and brokerages to be included as a released party under the settlement.
Two important reminders:
Individual NAR members and their brokerages with 2022 total transaction volume for residential home sales below $2 billion do not need to take any action to be covered by the settlement.
The following entities that choose to be covered by the settlement must execute the relevant affidavit by June 18, 2024: REALTOR® MLSs – which are MLSs wholly owned by REALTOR® associations. (See Appendix B) Brokerages with 2022 total transaction volume for residential home sales in excess of $2 billion (see Appendix C) Non-REALTOR® MLSs – which are MLSs that are not wholly owned by REALTOR® associations (see Appendix D) Please see the FAQs below for more information and contact Mike Rohde at mrohde@nar.realtor with any questions about completing an opt-in agreement.
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