When Rocket Companies and Zillow find themselves in the crosshairs of federal litigation over alleged referral kickbacks, the industry takes notice. As the headlines fixate on the big players, a quieter anxiety is building among independent mortgage bankers (IMBs) and smaller lenders who lack the firepower to go toe-to-toe in a prolonged legal battle. The…
Editor’s note: The COURT REPORT is RISMedia’s weekly look at current and upcoming lawsuits, investigations and other legal developments around real estate. FTC’s antitrust case against Zillow and Redfin to proceed A federal judge in Virginia denied a motion to dismiss the Federal Trade Commission’s (FTC) major antitrust lawsuit against Zillow and Redfin, clearing the…
A federal judge in Virginia has denied a motion to dismiss the Federal Trade Commission’s (FTC) major antitrust lawsuit against Zillow and Redfin, clearing the way for the case to advance. U.S. District Judge Anthony Trenga issued the ruling Wednesday night, rejecting arguments from the two companies that the FTC’s allegations didn’t meet the legal…
Editor’s note: The COURT REPORT is RISMedia’s weekly look at current and upcoming lawsuits, investigations and other legal developments around real estate. Compass v. NWMLS: Compass says 3PM strategy complies with new law Compass filed a motion to dismiss April 23 arguing that its 3-Phased Marketing strategy fully complies with Washington’s incoming Private Marketing Law,…
Lawyers who launched the original buyer lawsuits—making largely the same accusations as Burnett but claiming homebuyers suffered harm—will seek to block the National Association of Realtors® (NAR) from striking a deal in a copycat case, asking a federal judge to block that deal based on what they describe as a “reverse auction.” In a filing…
Compass is pushing back hard against the Northwest Multiple Listing Service (NWMLS), arguing in a new court filing that its 3-Phased Marketing (3PM) strategy fully complies with Washington state’s incoming public marketing law—and that NWMLS’s counterclaims against the brokerage should be thrown out entirely. In a motion to dismiss filed April 23 in the U.S.…
Editor’s note: The COURT REPORT is RISMedia’s weekly look at current and upcoming lawsuits, investigations and other legal developments around real estate. Hardy v. NAR: Brokers appeal MLS membership antitrust challenge Brokers Douglas Hardy, Glenn Champion and Dylan Tent filed an appeal to the Sixth Circuit after a federal judge dismissed their antitrust lawsuit challenging…
A woman is suing Bank of America and a Virginia-based appraiser for racial discrimination, the latest Fair Housing-related lawsuit alleging that lenders and appraisers undervalue homes based on the race of the occupants. Darchelle Braxton, a Black woman who last summer attempted to secure a loan for home improvements on an investment property, claims an…
Less than a month ago, a federal judge handed the National Association of Realtors® (NAR) a major win; now that win will be reviewed by a higher court. Douglas Hardy, Glenn Champion and Dylan Tent are pressing forward with their antitrust challenge to NAR’s MLS policies, filing a Notice of Appeal just three weeks after…
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Editor’s note: The COURT REPORT is RISMedia’s weekly look at current and upcoming lawsuits, investigations and other legal developments around real estate. NAR settles buyer lawsuits for $52.25 million The National Association of Realtors® (NAR) is settling buyer lawsuits for $52.25 million, opting into a copycat lawsuit in Illinois with what is being described as…
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