(Bloomberg) -- The National Association of Realtors’ $418 million deal to settle antitrust litigation is looking increasingly expensive for some major US brokerages. 

Buried in the more than 100-page agreement is a formula that says brokerages that haven’t already settled with the plaintiffs will need to pay 0.25% of their average annual transaction volume — a potentially huge amount for firms such as Compass Inc.

Compass, which reported an average volume of more than $200 billion over the last four years, would have to pay an estimated $517 million if it joins the settlement, according to research firm Capstone. That’s more than three times the amount of the company’s cash and cash equivalents at the end of last year, and more than 35% of its market capitalization.

The settlement agreement provides an opportunity for brokerages to enter into mediation to arrive at a lower number. Brokerages could decide not to enter the settlement — potentially saving money now but leaving the firms open to future litigation risks. 

In another example, eXp World Holdings Inc., which has more than 87,000 agents, would owe an estimated $367 million, just under three times the company’s cash on hand, according to Capstone. Dozens of other brokerages are eligible to join the settlement, though many have much smaller transaction volumes.

“The NAR settlement boxes them in a bit,” said Makenzy Mohrman, a Capstone analyst. “Whatever happens in mediation, they have this big number that they’re anchored to.”

A Compass representative declined to comment. A representative for eXp didn’t immediately respond to a request for comment.

NAR, which has about 1.5 million members, has faced growing scrutiny over its role in how real estate agents are compensated. In October, a Missouri jury found that the trade group and some brokerages colluded by participating in a system that required sellers’ agents to offer to share compensation with buyers’ representatives as a condition for accessing an important tool for marketing homes. 

The proposed settlement would release the group from the verdict in that case. Three other brokerages have agreed to settle, including Anywhere Real Estate Inc., RE/Max Holdings Inc. and Keller Williams Realty Inc., with those firms agreeing to pay roughly $55 million to $84 million.

The settlement may also spur widespread changes to how the real estate industry operates by preventing agents from cooperating to set buyer representatives’ commissions. 

Keefe, Bruyette & Woods analyst Ryan Tomasello has previously said that antitrust litigation could reduce the industry’s overall commission pool by 30%, driving as much as 80% of agents to get out of the business. But in a note on March 17th, he noted that potential loopholes “could limit the impact of these changes.”

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