Real estate brokerage Compass to pay $57.5 MILLION compensation to sellers for overcharging them – amid multiple legal cases accusing Realtors of conspiring to keep commissions artificially high

Real estate brokerage Compass has agreed to pay $57.5 million to settle claims it conspired to overcharge US home sellers by billions of dollars.

Compass is the first major firm to reach a settlement sum since the National Association of Realtors (NAR) agreed to pay $418 million last week on behalf of smaller brokers.

Tens of millions of Americans who sold homes in recent years are likely to receive a payout from the settlements, including the latest one from Compass – but details of who will qualify are scant.

The NAR has refused to answer repeated requests from DailyMail.com asking how sellers can claim compensation, which is now almost $700 million across several cases.

Compass is one of many large home brokerages facing claims they violated antitrust laws. 

A judge still needs to approve the Compass settlement – which is thought to be a formality. Once they do, news of how to claim is set to be released. 

Real estate brokerage Compass has agreed to pay $57.5 million to settle claims it conspired to overcharge US home sellers by billions of dollars. It has denied any wrongdoing

Previously, the buyer’s agent could see which properties have the highest sales commission and ‘steer’ buyers to them

Compass, based in New York, also agreed to change its business practices to ensure home movers understand how brokers and agents are compensated. 

CEO Robert Reffkin today said the company – which denied any wrongdoing – was pleased to resolve the claims to ‘minimize distractions.’

The decision was welcomed by Mike Ketchmark, an attorney representing the home seller plaintiffs.

He said: ‘Brokers around the country are continuing to join with NAR