Case: YA MON EXPEDITIONS, LLC v. INTERNATIONAL YACHT BROKER’S
Unlike the class action lawsuit that caused a paradigm shift for real estate brokers, the proposed fight against the International Yacht Brokers Association, Yacht World, Northrop & Johnson, and other brokers over the alleged anti-competitive commission fee practices will not be moving forward.
On Tuesday, January 21st, Miami-based District Judge Michael Moore dismissed the lawsuit after the plaintiffs did not prove that yacht brokers conspired to inflate broker commissions. He also dislodged the notion that it was unreasonable for brokers to only work with sellers who are represented by agents.
In the class action lawsuit filed last February, Wyoming-based boat dealership Ya Mon Expedtions LLC claims that several large yacht brokerages violate the Sherman Antitrust Act with the inflation of brokerage commissions in recent boat sales. The plaintiffs accuse the boat dealers of violating antitrust law by coercing sellers with commission fees up to 10% of a yacht’s sale price split between agents from both sides.
According to a report by Peter Swanson of the Loose Cannon newsletter, Judge Moore awarded the plaintiffs an additional three weeks to gather sufficient evidence.