Real Brokerage Agrees to Settle a Class Action Lawsuit for $9.25 Million

The Real Brokerage Inc. (NASDAQ:REAX), also known as Real, has reached a settlement agreement to resolve the Umpa v. NAR class action lawsuit. The settlement, which releases Real and its subsidiaries from the claims without an admission of liability, involves a payment of $9.25 million into a settlement fund following court approval.

The lawsuit, filed in the Western District of Missouri, alleged certain practices by Real that have now been addressed as part of the settlement terms. Real has agreed to implement changes in its business practices that will clarify the negotiability of commissions, prohibit claims that buyer agent services are free, and ensure listing broker compensation offers are included in client communications. The company will also develop training materials to support these changes.

Real, a real estate experience company, operates in all 50 states in the U.S. and Canada and supports over 16,000 agents through its digital brokerage platform. The settlement is subject to preliminary and final court approval and will take effect after final approval.

Read the source article at Investing.com