Burnett Vs. NAR et al Settlement APPROVED

Anthony Lamacchia:

The now infamous Burnett vs. National Association of Realtors, Anywhere Real Estate, KW, Home Services, Remax, Case was just approved, folks. The biggest example of judicially sanctioned extortion that I’ve ever seen in my entire life was just approved by Judge Bo. So, the practice changes that were put in place over the summer, when all of this kicked into gear, stand.

00:27
Despite the Department of Justice filing an 11th hour statement of interest the other night stating that they didn’t like the requirement for a written buyer agreement and then NAR responded, Ketchmark put in his response, it didn’t matter. Judge Boa approved it just as he approved the Gibson case, just as he approved many, many other things that these plaintiff’s lawyers wanted. All the way back to 2019, I…

00:55
said last night I thought it would get approved. I said that on my own Instagram when those other responses came out and it did get approved. So really, in many ways, it’s over folks. The big bad case is over. Now this is when the extortion actually begins, when checks are getting written from all of these companies. And if you remember in the National Association settlement, 418 million, I believe paid over three years in different troughs of money.

01:23
that’s all going to start happening. In addition to that, it’s a heyday for the lawyers, as I said it would be, even when I debated the lead plaintiff attorney, they are going to make hundreds of millions of dollars. We don’t know the exact numbers yet, but I can promise you all in a few weeks, we will do a complete recap of everything. But the changes that went into place in August, they stand. Now, for those of you that are more local, I just so happened to be in Massachusetts.

01:50
which is the land of MLS PIN. And remember, there’s a separate MLS PIN case called Nozilek, and the Department of Justice had filed a statement of interest on that case. That case essentially got stayed in the summer. It did get stayed and essentially was put on hold. You watch that judge, Patty B. Saris, she’s gonna come out and she’s going to say, okay, the way that we’re doing this settlement is like the National Association settlement. So as I had said, back in the summer.

02:19
The days of commissions being listed in MLS are over. Some of you that have still seen commissions posted in MLS PIN, for the few companies that are still doing it because of the stay on that case, that will be evaporated. By the time we get to the first of the year, February, I’m sure that’s completely done. Now, one other thing to mention, the Department of Justice argument that they’re having with NAR with respect to the DOJ undoing.

02:48
the agreement that they did and that they undid in 2021, that argument NAR is taking right to the Supreme Court and that’s part of the reason that there is some talk about clear cooperation now. As I’ve stated before, I feel strongly that clear cooperation should stand. There’ll be more to come on that. But in this infamous, infamous Burnett case, it’s been approved, folks. See you in the next couple of weeks with more details.

03:18
on a recap on this case and then what is going on in the rest of the cases. Happy Thanksgiving to everyone.

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