The number of brokerages settling commission lawsuits continues to grow. Recently, Higher Tech Realty, also known as Mark Spain Real Estate, announced that they have reached a nationwide settlement with the plaintiffs in the Phillips suit.
Details of the settlement, including the terms and amount, have not been disclosed at this time.
Mark Spain Real Estate has a presence in several states including Georgia, Tennessee, North Carolina, Florida, South Carolina, and Texas. In 2023, the firm reported 8,629 transaction sides totaling $2.8 billion in volume, according to RealTrends Verified data.
The parties involved will be seeking preliminary approval for their settlement in the near future.
The Phillips case, which was filed in November 2023, alleges collusion within the real estate industry to artificially inflate agent commissions, following the jury verdict in the Sitzer/Burnett suit.
Mark Spain Real Estate now joins a list of prominent industry players who have settled the commission lawsuit, including the National Association of Realtors, Fathom Realty, NextHome, The Keyes Co., HomeSmart, Redfin, eXp World Holdings, United Real Estate, Douglas Elliman, Realty One Group, At World Properties, Anywhere, RE/MAX, Keller Williams, Compass, HomeServices of America, and The Real Brokerage.
None of the parties involved in the settlement have provided a comment in response to HousingWire’s request.