Prof. Prentiss Cox Quoted in the Wall Street Journal About a Class-Action Lawsuit with Major Effects on the Real Estate Industry

Professor Prentiss Cox was quoted in the Wall Street Journal about his attorney friend Doug Miller who has worked for many years on making the residential real-estate industry fairer for consumers. Miller was able to claim a major victory earlier this month when the National Association of Realtors settled a lawsuit accusing the industry of conspiring to inflate prices. NAR agreed to pay more than $400 million and change rules that have been central to how real-estate agents have been paid for decades. Under that system, home sellers typically pay the buyer’s agent commission, making it difficult for buyers to negotiate that cost with their own agents. Plaintiff firms said a class-action lawsuit seemed out of reach because it would involve not just going after one company but an entire industry. Professor Cox said that working with Miller on a class-action antitrust, they felt it would have the power to lead to systemic change. “Everyone told him he was crazy and annoying, which he kind of is, and I say that affectionately,”