Redfin agrees to pay $9.25 million to settle real estate broker commission lawsuits
Redfin has agreed to pay $9.25 million to settle federal lawsuits that claim U.S. homeowners were saddled with artificially inflated broker commissions when they sold their home as a result of longstanding real estate industry practices. The Seattle-based online brokerage and real estate services company disclosed the proposed settlement Monday in a regulatory filing with the Securities and Exchange Commission. The settlement, which must be approved by the court, would resolve pending class action lawsuits filed in federal court in the Western District of Missouri, and also shield the company and agents from similar cases around the country. Several other big brokerage operators and the National Association of Realtors agreed to settle the litigation in recent months.