BrokerageIndustry News

Chicago MLS sued over consolidation plan

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Consolidation plans that would create one of the largest broker-owned multiple listing services in the country hit a snag this week when an opposing shareholder group filed a lawsuit challenging the merger. Opposing shareholders are challenging a vote approving the consolidation of Multiple Listing Service of Northern Illinois with a competing broker-owned MAP MLS. The dissenting shareholders include five of the 10 Realtor associations that own Chicago-area MLSNI, one of the largest MLSs in the country. The lawsuit was filed in Cook County Circuit Court. In addition to consolidating the MLSs, the disputed shareholder vote also approved a restructuring plan for the governance of the unified MLS. The combined MLS would be broker-owned and broker-controlled. In several other markets, too, brokers are pushing for greater broker control and for regionalization of MLSs or MLS data. Jim Nelson Jr., a broker at RE/MAX Suburban and MLSNI president, said an informal meeting of all 10 shareholde...