The current proposed settlement regarding MLS PIN's practices is criticized for making only superficial changes that do not prevent broker collusion or enhance market competition. The DOJ argues that sellers would still feel pressured to offer customary commissions to avoid steering by agents. Financial relief in the settlement, increased to $3.95 million, raises concerns about transparency, with significant portions allocated to attorney fees, leaving class members uncertain about their individual benefits. The DOJ emphasizes the need for truly competitive practices in the real estate market.
Without information about the class size, the distribution plan, or an approximation of the expected monetary benefit each class member stands to receive, the Court has no way to assess the substantiality of the monetary relief.
The current proposed settlement would make only cosmetic changes to MLS PIN's rules with respect to sellers providing offers of compensation to buyers' agents.
Collection
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