Settlement Waterfall & Transaction Savings Appeals Affirmed
Net Settlement Pool
$277,600,000
Baseline Payout / Claim
$555.20
Tier-Adjusted Payout
$624.60
Legacy Commission
$24,750
Decoupled Commission
$18,000
Net Consumer Savings
$6,750
Gross Pool
Attorney Fees
Admin & Escrow
Net Distribution Pool
Interactive fund allocation visualizer reflecting the 8th Circuit approved settlement waterfall. Attorney fee allowances (capped at 30%) and administrative cost reserves are deducted prior to pro-rata claimant distribution.
1. Cash Restitution vs Practice Injunctions
FRCP 23(e)(2)(C)(ii)
Objector Claim: Cash recovery ($500–$650/seller) is modest compared to multi-thousand dollar historical commissions paid.
Appellate Holding: Overruled. Substantial injunctive relief (prohibiting MLS buyer-broker compensation offers and requiring written representation agreements) delivers massive structural market value and avoids prolonged bankruptcy risks.
2. Attorney Fee Percentage & Clawback
Rule 23(h) / Boeing Standard
Objector Claim: 30% common fund fee is excessive given the statutory nature of the antitrust claims and early resolution.
Appellate Holding: Affirmed. Fee is within the 25%–33.3% circuit benchmark given the high complexity, contingent risk profile, and multi-year trial record in Moehrl and Burnett litigations.
3. Nationwide Claim Release Breadth
Rule 23(c)(2)(B) Due Process
Objector Claim: Release improperly extinguishes localized state antitrust and consumer protection claims without separate sub-class allocation.
Appellate Holding: Affirmed. Claims arise from the identical factual predicate of nationwide MLS mandatory co-op rules, satisfying class cohesiveness standards.
Structural Market Comparison on $450,000 Sale:
Legacy Bundled Model
Seller pays entire co-op fee:
$24,750 (5.50%)
MLS mandatory compensation offer
Decoupled Negotiated Model
Independent representation:
$18,000 (4.00%)
Direct buyer contract + negotiable seller fee
Net Consumer Surplus Generated: $6,750 per median transaction cycle, directly transferring pricing discretion back to transacting parties.
Audit file generated!