Key Details:
- Anywhere and RE/MAX have received preliminary court approval for nationwide settlement agreements in the Burnett, Moehrl, and Nosalek antitrust class action lawsuits.
- Final approval of the settlements is expected in 2024.
Anywhere Real Estate Inc. and RE/MAX have received preliminary court approval for nationwide settlements in antitrust class action lawsuits.
With a delay in the final judgment for the Sitzer/Burnett trial until spring 2024, the National Association of Realtors and Keller Williams are working to hire lawyers in preparation for the appeal process, which will likely be drawn out for years.
On the other hand, the preliminary approval is a crucial step forward for Anywhere and RE/MAX. Both companies settled before the Sitzer/Burnett trial began, aiming to ensure a more stable environment for both companies, their affiliates, and independent agents.
Preliminary Approval for Anywhere
Anywhere Real Estate Inc., formerly known as Realogy Holdings Corp., has secured preliminary court approval for its nationwide settlement agreement in the Burnett, Moehrl, and Nosalek antitrust class action lawsuits.
While Anywhere states the proposed settlement is not an admission of liability, it includes both monetary relief of $83.5 million and injunctive relief. The final approval hearing is expected in mid-2024.
“I am pleased the court has granted Anywhere preliminary approval of our nationwide settlement. Our efforts to resolve these claims remove future uncertainty and legal expense for Anywhere, our franchisees, and affiliated agents as, together, we focus on serving home buyers and sellers as they move to what’s next.”
Preliminary Approval for RE/MAX
Similarly, RE/MAX has been granted preliminary approval for its settlement in the Burnett, Moehrl, and Nosalek class action lawsuits, addressing claims on a nationwide basis.
The settlement, if granted final approval, involves a $55 million payment, and changes to business practices. Twenty-five percent of the monetary agreement has been deposited into a settlement fund, with another 25% due within 10 days of preliminary approval. Final approval is anticipated next year, offering protection to all U.S. RE/MAX affiliates, franchisees, and agents from related claims.
“We are pleased with the court’s decision to grant preliminary approval of the settlement. This development signifies progress in our ongoing efforts and commitment to a resolution – it’s a positive step forward in bringing these cases closer to the finish line.”
Staying informed about these developments is crucial for real estate agents, especially since the settlements involve changes to business practices. As we await the final approvals and subsequent implementations of the settlements, real estate professionals should remain vigilant and adaptable in navigating the changing dynamics of the industry.
Stay tuned with BAM’s Industry Lawsuit Watch for further updates on these landmark settlements that are reshaping the real estate industry.
