Want to stay current on e–commerce law? Sign up for Email Newsletter.
Department of Justice and National Association of Realtors Reach Proposed Settlement
The National Association of Realtors (“NAR”) has reached a proposed settlement with the United States Department of Justice to resolve a civil antitrust lawsuit filed by the Department in 2005. The lawsuit challenged alleged discriminatory NAR policies and related rules that allowed traditional real estate brokers to withhold their listings from certain online brokers.
Under the terms of the proposed settlement, NAR will repeal its anticompetitive policies and rules that were based on these policies. NAR will enact a new policy that guarantees that Internet-based brokerage companies will not be treated differently than traditional brokers. Under the new policy, brokers participating in NAR-affiliated listing services will not be permitted to withhold their listings from brokers who serve their customers through virtual office websites. Such brokers will not be excluded from membership in listing services based on their business model.
For additional information, visit:
http://www.usdoj.gov/opa/pr/2008/May/08-at-467.html
For a copy of the terms of the proposed settlement, visit:
United States of America vs. National Association of Realtors