Key Points:
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Both National Association of Realtors and Keller Williams are biting the bullet and have hired former US solicitors general to fight against a multibillion-dollar penalty.
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The heavy fine was imposed due to the alleged collusion between the two real estate giants to limit competition and inflate commission rates.
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Class action lawsuits have sprung up all around the US, representing buyers who were reportedly overcharged. It’s repayment time – and we’re not talking pocket change here.
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Theodore B. Olson, who served under George W. Bush, and Seth P. Waxman, who served under Bill Clinton, have been enlisted as heavyweight lawyers in the fight.
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Even with these top-shelf legal minds, realistically, the chances of nullifying the verdict are slim. So, plan B is to look for lower damages instead of wholesale elimination.
Hot Take
Chuckle, chuckle – this could be out of a law school exam: “How would you defend a multibillion-dollar monopoly suit?” But nope, this is the real thing, folks – prominent realtors playing musical chairs with former solicitors general. Lawyer swap or not, the charges are seriously grave, pointing towards price-fixing, anti-competition, and overcharging the buyers. Ugh!
Seems like our biggies let greed do a little dance on their ethics. With a verdict enough to dent even the most robust real estate magnates’ bank accounts, here comes a game-changer – one that makes ‘Monopoly’ (the game, not the business practice) look like child’s play.
Now the question is, can these savvy lawyers rewrite the endgame or will this plot stick to its current narrative, teaching the real estate giants that sometimes the greed-driven merry-go-round does stop. And when it stops, it doesn’t feel so merry anymore. So here’s some free advice to our realtor buddies: playing fair doesn’t cost billions. Next time, maybe try that. Can’t be worse than hiring a former solicitor general, am I right?
One last thought to the mighty National Association of Realtors and practically omnipresent Keller Williams: you know what they say about life serving lemons. In your case, it’s a multibillion-dollar lemon. The secret is to ditch the sour face and make some damn fine lemonade. From the looks of it, you’ve got enough lemons to set up an entire lemonade empire! Good luck, champs! Till then, we’ll be here with our bag of popcorn, enjoying the legal thriller unfold.
Original article: https://www.inman.com/2023/11/17/sitzer-burnett-defendants-bulk-up-lawyer-bench-to-prep-for-appeal/
