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GREENVILLE, S.C. (FOX Carolina) – On Friday, April 12, the lawyers who filed a lawsuit in the Upstate accusing one of the big four real estate firms of inflating commissions and arguing that the home seller should not pay that full commission also objected to a national settlement concerning real estate commissions.
The filed objection, “proposes that the settlements be denied final approval for a number of reasons.”
The first reason in the filing states, “the class settlement significantly exceeds the narrow scope for which the classes were certified and for which discovery was conducted.” The objection continues, “This settlement attempts to expand that class certification to more than 600 MLSs around the country. This despite the fact that real estate is, at its base, local. Many of those 600 MLSs operate and enforce their rules differently from other MLSs even within the same state, let alone across the country. It is also easy to conflate the illegal activity these MLS engaged in with the means by which it was accomplished. These MLSs may have used many of the same rules, but often enforced them in various ways. The participants in these MLSs took part in fixing prices for commissions, the actual illegal activity, using rules adopted for its particular MLS, though they may have used similar instrumentalities to do it.”
The objection also claims that the settlement agreement doesn’t benefit all the class action members. It says, “Indeed, it only benefited those Plaintiffs in the trial of the Burnett action and, should Moerhl proceed to trial, it may benefit those litigants.”
It goes on to say that the settlement amount is not enough. It says, “The settlement amount, $208,500,000, in the aggregate, is far too low to adequately compensate the massive number of injured parties here.”
Read the entire objection below:
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This article was originally published by a www.foxcarolina.com . Read the Original article here. .