The board of directors of Jupiter, Fla.-based Regional Multiple Listing Service Inc. has voted to dissolve the 11,000-member MLS following the settlement of a lawsuit filed by one of its shareholder associations.
Regional MLS members are now receiving all MLS services directly through their respective associations: the Realtors Association of the Palm Beaches, the Jupiter-Tequesta-Hobe Sound Association of Realtors, and the Realtors Association of St. Lucie.
The dissolution of Regional MLS, which was formed in 1987, is expected to be finalized sometime this summer.
In April, the Jupiter-Tequesta-Hobe Sound Association of Realtors filed a complaint against Regional MLS and its other two shareholder associations, alleging false and deceptive advertising, unfair competition, and interference with business relationships.
The origins of the suit lie in a change in billing structure made by Regional MLS’ board around November 2012. Whereas previously Regional MLS had provided the three associations with MLS services directly, the board voted to allow each association to offer MLS services separately, using a common database provided to the associations by Regional MLS, and thereby making the associations competitors for MLS subscribers, the complaint said.
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