Realtor association agrees to change commission structure to settle lawsuit

The National Association of Realtors has agreed to settle litigation that accused the real estate group of artificially inflating real estate commissions, a move that could dramatically change how much consumers pay during real estate transactions.

The real estate group, which represents 1.5 million real estate agents around the country, said it will pay $418 million over four years to settle several cases, along with agreements to change the rules that plaintiffs alleged supported 5 to 6 percent commissions paid by home sellers. The association said it continues to deny wrongdoing.