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Warren Buffett’s real estate brokerage reaches US$250-million antitrust settlement

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Settlement News

Estate,Nar,Brokerage

HomeServices of America, the largest U.S. real estate brokerage, was the last remaining defendant in a case against the National Association of Realtors and four brokerages

said on Friday it reached a $250-million settlement of nationwide antitrust litigation that is expected to change how real estate agents are paid.

Its settlement would eliminate the risk of a much higher payout, after a jury in Kansas City, Missouri in October sided with home sellers who accused the industry of conspiring to keep real estate commissions in that state artificially high.HomeServices’ settlement requires court approval. Lawyers for the plaintiff sellers did not immediately respond to requests for comment.

It also agreed to rewrite rules for paying buyers’ and sellers’ agents. Analysts said the changes could lower commissions by at least 25 per cent. Berkshire Hathaway owns 92 per cent of Berkshire Hathaway Energy, which owns HomeServices as well as a variety of utilities, pipelines and renewable energy projects.

 

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