As expected, the U.S. District Court for the Western District of Missouri granted final approval of the National Association of Realtors (NAR) settlement agreement related to its cooperative compensation rule.

Under the settlement agreement, NAR’s requirement that buyers’ agent compensation be listed on multiple listing services (MLSs) is discontinued. Also, NAR will pay $418 million over approximately four years to the settlement fund.

In March, NAR agreed to the settlement to the Sitzer-Burnett lawsuit, a class action brought by homesellers who had sold their homes on MLSs and offered a commission for the buyer broker agent via the MLS. A jury found this violated antitrust laws’ prohibition on price fixing.

The settlement terms went into effect Aug. 17.

“This is an important moment for NAR members, homebuyers and sellers, and the real estate industry,” NAR President Kevin Sears said. “As consumer champions, NAR’s members have been working tirelessly to implement the practice changes required by the settlement and shepherd consumers through this period of transition. The principles of transparency, competition and choice are core to the settlement agreement and empower real estate professionals and consumers to negotiate the services and compensation that work for them.”

For more on the NAR settlement, visit RESPA News’ NAR Settlement Resource Center. And check back with RESPA News for more on this story.