The attorneys who scored a $1.8 billion court victory in the Sitzer/Burnett case against the National Association of Realtors (NAR) and several major brokerage firms appear to be taking a cue from the legendary Willie Sutton and are going where the money is – in this case, into Warren Buffett’s bank accounts.
According to the Wall Street Journal, the attorneys have named Berkshire Hathaway Energy in a new filing for their ongoing litigation. Berkshire Hathaway Energy owns HomeServices of America, one of the brokerages cited as defendants in the Sitzer/Burnett case, and that company is owned by Buffett’s Berkshire Hathaway (NYSE:BRK.B).
HomeServices and NAR were the only defendants in the case who did not seek settlements with the plaintiffs. Berkshire Hathway reported more than $160 billion in cash and equivalents at the end of 2023.
“What we’re trying to show is that this isn’t an isolated event in some corporate office – this goes to the top of Berkshire Hathaway,” said Michael Ketchmark, a lawyer for the plaintiffs.
Berkshire Hathaway stated in its 2023 annual report that HomeServices could eventually become burdened with up to $5.4 billion in losses from the Sitzer/Burnett case.
“HomeServices intends to vigorously appeal on multiple grounds the jury’s findings and damage award,” the company said. “The appeals process and further actions could take several years.”
