The Motor Yacht Amadea, a 348-foot luxury vessel owned by Russian oligarch Suleiman Kerimov, was seized on Thursday, May 5 2022. The U.S. Treasury Departments Office of Foreign Assets Control designated Kerimov as part of a group of Russian oligarchs who profit from the Russian government through corruption and its malign activity around the globe, including the occupation of Crimea. Photo Courtesy of the U.S Department of JusticeFlorida Judge Tosses Antitrust Case Over Yacht Broker Commissions
In a Tuesday ruling, U.S. District Judge K. Michael Moore concluded that, despite similarities to antitrust litigation against the National Association of Realtors, the plaintiffs’ complaint had not 'plausibly alleged direct evidence of an agreement or conspiracy.'
January 21, 2025 at 11:11 PM
3 minute read
What You Need to Know
- The yacht lawsuits followed a landmark $418 million settlement last year with the National Association of Realtors that forced changes to the multiple listing services compensation rule, which mandated a uniform offer to brokers.
- The lawsuits allege that yacht brokers, along with the industry associations, and other entities, colluded for commissions of 10% on sales.
- K&L Gates partner Christina Paul, in Miami, filed the dismissal motion on behalf of the defendants.
A Florida judge dismissed consolidated antitrust class actions accusing yacht brokers of illegally fixing commission rates, despite similarities to a $418 million settlement involving the residential real estate industry.
U.S. District Judge K. Michael Moore, of the Southern District of Florida, tossed out the claims brought by yacht sellers who listed vessels on a member listing service. In a Tuesday ruling, Moore concluded that, despite similarities to antitrust litigation against the National Association of Realtors, the plaintiffs’ complaint had not “plausibly alleged direct evidence of an agreement or conspiracy” but “merely alleges that some defendants have personal and professional connections to various yacht broker associations” with no binding industry practices.
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