Being the proverbial last man standing may generally be a good thing, but not so much when you’re the sole remaining defendant in an industry-shaking class-action lawsuit. Just ask the leadership at HomeServices who may be facing a multi-billion dollar judgment.
This week, plaintiffs in the Sitzer-Burnett case asked for a final judgment of more than $4.7 billion against HomeServices, a unit of Warren Buffett’s Berkshire Hathaway. In addition to seeking triple damages as allowed under federal antitrust law, the court filing takes into account $626.5 million in settlements that the plaintiffs have reached with the other defendants in the case.
Lawyers for HomeServices have asked the U.S. District Judge to throw out the verdict, calling it “misguided and excessive” and will continue to contest the verdict.
“The jury found that all Defendants ‘knowingly and voluntarily joined the conspiracy,’” the plaintiffs’ attorneys wrote. “Defendants who are found to conspire are jointly and severally liable for all damages flowing from the conspiracy.”
Last week, the National Association of Realtors said it was prepared to settle the class-action suit for $418 million. NAR follows settlements by Keller Williams, RE/MAX and Anywhere, ranging from $55-83.5 million. All of the defendants continue to deny any wrongdoing.