HousingWireHousingWire
The top brokerage in the country by transaction side count, eXp Realty, has settled the commission lawsuits.
The parent company of eXp Realty, eXp World Holdings, announced the settlement on Monday in a filing with the Securities and Exchange Commission (SEC). According to the filing, the firm officially settled with the Hooper suit plaintiffs on Oct. 1.
As part of the settlement, eXp has agreed to pay $34 million into the settlement fund and make unspecified business practice changes. The brokerage firm noted that it does not expect the terms of the settlement to have a material impact on its operations, liquidity or cash flows.
In the filing, eXp notes that the settlement resolves all the pending litigation in additional lawsuits, including the Gibson, Grace, Fierro, Whaley, Wang, Burton and Willsim Latham suits. It also releases all eXp “subsidiaries and affiliates, and their independent contractor real estate agents in the United States from the Claims.”
The firm notes that the settlement is not an admission of liability, nor does it validate any of the claims made in the commission lawsuits.
In settling the commission lawsuits, eXp Realty joins major firms and industry players such as the National Association of Realtors, Fathom, NextHome, The Keyes Co., HomeSmart, Redfin, United Real Estate, Douglas Elliman, Realty One Group, At World Properties, Anywhere, RE/MAX, Keller Williams, Compass, HomeServices of America and The Real Brokerage.
