Preliminary Approval Issued

Read the full video transcript below:

Anthony Lamacchia: Judge Bough issued his preliminary approval in the settlement for the Sitzer Burnett case in Western Missouri. This is the $418 million ripoff that the plaintiffs’ attorneys have pulled off against the National Association of Realtors, as well as several other million-dollar ripoffs throughout the industry. The judge stated that he thought the settlement was fair and reasonable. I can’t imagine how it could be fair when the defendants were doing business in the state of Missouri where it is legal to conduct business the way it was being conducted. But somehow, they’ve lost the trial, and now we’re giving up millions of dollars. Completely insane to me. Bottom line, real estate friends, what does this mean? This means that the rule changes appear to be on track. MLS rule changes, commissions not being entered into the MLS, some of the other disclosures and ridiculous things that have to be done that won’t be as transparent — those things do appear to be taking effect in July. I will be going over this in a much more extensive video either next week or the week after, but I wanted to get this quick update out to talk about this preliminary approval which was expected. I mean, let’s face it, folks, what Michael Katchmark wants to get approved so that he and his lawyer friends can run away with all the money is going to get approved. That’s the way this case has gone. It’s undoubtedly Katchmark’s Court as I stated in the debate. So, is it good that this is moving behind everyone in the industry? I think there’s good…

Learn more about Anthony Lamacchia