Real estate brokerage company Compass Inc. will pay $57.5 million as part of a proposed...
Real estate brokerage company Compass Inc. will pay $57.5 million as part of a proposed settlement to resolve lawsuits over real estate commissions, the company said in a regulatory filing Friday. The New York-based company also agreed to change its business practices to ensure clients can more easily understand how brokers and agents are compensated for their services, according to the filing with the Securities and Exchange Commission.
The central claim put forth in the lawsuits is that the country’s biggest real estate brokerages have been engaging in business practices that unfairly force homeowners to pay artificially inflated agent commissions when they sell their home. The plaintiffs argued that home sellers listing a property for sale on real estate industry databases were required to include a compensation offer for an agent representing a buyer.
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