Key Details:
- On March 18, attorneys for Sitzer/Burnett plaintiffs filed a motion requesting $4.7 billion from HomeServices of America.
- In addition to requesting the full trebled amount of the jury award, minus previous settlements, attorneys are seeking an annual compounded interest rate of 5.4%.
Plaintiffs in the Sitzer/Burnett commission lawsuit are seeking $4.7 billion from HomeServices of America, the lone remaining defendant after a series of settlements.
This comes in the wake of the National Association of Realtors (NAR), Keller Williams, Anywhere and RE/MAX reaching settlements totaling $626.5 million, leaving HomeServices to face a potentially historic financial judgment.
A Bold Move for Full Jury Award (Plus Interest)
The plaintiffs’ motion, filed on March 18, requests that HomeServices pay the entire trebled amount of over $4.7 billion. This is three times the original jury award of nearly $1.8 billion, minus the $626.5 million for the settlements agreed upon by NAR, Keller Williams, RE/MAX and Anywhere. The total trebled amount before adjustments was $5.4 billion.
In addition, attorneys are asking HomeServices to be required to pay an annual compounded interest rate of 5.4%, dating back to November 1, 2023, the day after the verdict was reached.
Plaintiffs’ Legal Strategy
The urgency of the plaintiffs is clear, advocating for a swift resolution.
The motion stated, “There is no reason to delay judgment against the HomeServices defendants while the settlements with NAR, Keller Williams, Anywhere and RE/MAX are administered.”
Settlements with Keller Williams, Anywhere and RE/MAX are expected to be finalized this spring, with NAR’s settlement trailing a few months.
This approach signifies a legal strategy aiming to leverage the substantial jury award to secure as much as possible from HomeServices. Russ Cofano, CEO of Collabra Technology, views the motion as a strategic move to pressure HomeServices into settlement, according to Real Estate News.
Cofano also noted that “it is highly doubtful that they would end up paying anything close to that much at the end of the day.”
Chris Kelly, Executive Vice President at HomeServices, said the motion was anticipated. HomeServices plans to submit its own legal documents in response this April.
Stay tuned for more updates.
