National Association of Realtors to pay $418 million to settle real estate agent commission lawsuits

By ALEX VEIGA
AP Business Writer

A powerful real estate trade association has agreed to pay $418 million and change its rules to settle lawsuits claiming homeowners have been unfairly forced to pay artificially inflated agent commissions when they sold their home. The National Association of Realtors said Friday that its agents who list a home for sale on a Multiple Listing Service, or MLS, will no longer be allowed to use the service to offer to pay a commission to agents that represent potential homebuyers. Last fall, a federal jury hearing a lawsuit brought by home sellers ordered the NAR and other defendants to pay almost $1.8 billion in damages.