A real estate company owned by Warren Buffett’s Berkshire Hathaway has agreed to pay $250 million to settle lawsuits nationwide. The lawsuits claimed that longstanding practices by real estate brokerages forced U.S. homeowners to pay artificially inflated broker commissions when they sold their homes.
FILE - A for sale sign is posted in front of a home in Sacramento, Calif., Thursday, March 3, 2022. HomeServices of America, a real estate company owned by Warren Buffett ’s Berkshire Hathaway, has agreed to pay $250 million to settle lawsuits nationwide claiming that longstanding practices by real estate brokerages forced U.S. homeowners to pay artificially inflated broker commissions when they sold their homes.
“While we have always been confident in the legality and ethics of our business practices, the decision to settle was driven by a desire to eliminate the uncertainty brought by the protracted appellate and litigation process,” the company said in a statement. Buffett said in February in his annual letter to shareholders that Berkshire had $167.6 billion cash on hand at the end of last year. That makes Berkshire, which is based in Omaha, Nebraska, an attractive target for litigation, but the company largely lets its subsidiaries run themselves and doesn’t directly intervene in litigation involving its many companies, which include Geico insurance, BNSF railroad and See’s Candy.
The lawsuits’ central claim is that the country’s biggest real estate brokerages and the NAR violated antitrust laws by engaging in business practices that required home sellers to pay the fees for the broker representing the buyer. The major brokerages that have reached proposed settlements in these cases have also agreed to change their business practices to ensure homebuyers and sellers can more easily understand how brokers and agents are compensated for their services, and that brokers and agents who represent homebuyers must disclose right away any offer of compensation by the broker representing a seller.
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