HousingWireHousingWire
Weichert Realtors has taken a page from eXp World Holdings and settled the commission lawsuits — but with the Hooper (formerly Phillips) plaintiffs rather than with the Gibson plaintiffs.
According to documents filed in the Gibson suit last week, Weichert reached a settlement with the Hooper plaintiffs on Nov. 5. The brokerage is asking the court to stay proceedings as they pertain to Weichert in the Gibson suit, pending its settlement.
Judge Mark Cohen, who is overseeing the Hooper suit, granted Weichert’s motion on Friday to stay the suit due to the settlement. The settlement terms and monetary amount are not yet known, but in its filing in the Gibson suit, Weichert noted that the settlement relates to the proposed national class.
Weichert’s settlement is interesting as it follows a precedent set by eXp, which reached a settlement with the Hooper plaintiffs for $34 million. But the Gibson plaintiffs have since taken issue with eXp’s settlement, claiming that nation’s largest brokerage based on transaction side count used a “reverse auction” in choosing to settle with the Hooper plaintiffs. According to the Gibson plaintiffs, eXp settled for far less than they should have by negotiating with the Hooper plaintiffs.
Despite the criticism, eXp is not giving up without a fight. It claims in a document filed last week that its settlement amount is fair, and that nothing prevents it or any other defendant from settling with one group of plaintiffs versus another.
Weichert and eXp have joined several other major industry players in settling the commission lawsuits. These include the National Association of Realtors, Fathom Holdings, 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.
