HousingWireHousingWire
Fathom Holdings, the parent company of Fathom Realty, has joined the list of corporate brokerages to settle the commission lawsuits.
In a document filed with the Securities and Exchange Commission on Monday, Fathom notified shareholders of its decision to settle the antitrust claims related to the Siter/Burnett suit. The agreement settles all related claims nationwide and Fathom noted that the settlement is not an admission of liability or an acknowledgment of the validity of any of the suit’s claims.
Per the settlement, Fathom will pay $500,000 into a settlement fund within five days of the settlement gaining final approval from the court and an additionally $500,000 on or before October 1, 2025. Fathom will then pay a final installment of $1.950 million on or before Oct. 1, 2026.
In the filing, Fathom told shareholders that it “believes that it has, and will generate, adequate funds to make these payments without compromising its business.”
Additionally, Fathom noted that as part of the settlement it has agreed to adhere to the rule and business practice changes outline in the National Association of Realtors’ nationwide commission lawsuit settlement agreement.
“Our unwavering commitment to providing excellent service to our agents, clients, and customers remains steadfast,” Marco Fregenal, the CEO of Fathom Holdings, said in a statement. “We continue to assert that Fathom never participated in any conspiracy to inflate commissions and continue to believe that due to our flat-fee model, there was no incentive to join any such conspiracy. Entering into a settlement now has the benefits of avoiding ongoing legal fees and removing the demand on the executive team’s time, allowing us to focus on growing our business and ensuring our agents continue to have the opportunity to excel in their service to clients.”
In settling the commission lawsuits, Fathom joins 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.
