BOSTON REIA • INVESTOR NEWS & INSIGHTS
$711 Million Unclaimed in Commission Suit Settlement Fund: What You Need to Know
This Saturday marks the third anniversary of a Missouri jury’s ruling that the real estate industry was found liable for artificially inflating agent commissions. Additionally, in under a month, it will also be two years since the National Association of Realtors (NAR) reached a settlement agreement in the commission lawsuit, which received final court approval. Despite the time that has passed, uncertainty remains regarding when and how much eligible class members will receive from this settlement fund.
Documents submitted to the U.S. District Court for the Western District of Missouri on Thursday reveal that as of September 30, 2026, the settlement fund has grown to over $711 million. Throughout the first nine months of the year, these funds earned over $17 million in interest, yet approximately $5.8 million was withdrawn during the same period. The filings do not specify the reasons for these withdrawals or indicate whether any payments have been made to settlement class members.
The settlement funds are currently managed by Morgan Stanley, following a transfer from Huntington Bank last October, as directed by class counsel.
JND Legal Administration, the settlement administrator, has reportedly processed over 2.7 million claim submissions. JND has conducted six notification campaigns, which included over 138 million emails and 44 million postcards, costing over $18 million in postage. JND is currently undergoing a court-ordered audit.
As of June 2025, JND had billed nearly $33 million to the settlement fund for administrative tasks. By late October, JND reported an outstanding invoice of $494,294 to the settlement fund. Additionally, the company billed approximately $156,000 for administrative services from July to September 2026.
Appeals courts have rejected objections to the final approvals of the settlement multiple times this fall, affirming the court’s rulings. However, objectors still retain the option to appeal to the U.S. Supreme Court, although it is unclear if any of them intend to pursue this path. As a result, the timeline for when eligible home seller class members can expect payouts from the settlement remains uncertain.
This story was originally reported by Inman news.
