The last remaining defendant in the original Sitzer-Burnett commission suit has finally come around on a settlement deal. HomeServices Of America, the largest residential real estate brokerage in the U.S., has agreed to pay $250 million to settle a handful of suits.
Earlier this month, the U.S. Supreme Court denied a petition by the company without comment, essentially clearing the way for for HomeServices and two of its subsidiaries, BHH Affiliates and HSF Affiliates, to be tried as defendants in a class-action commission suit. At the time, HomeServices argued that the trail should never happen because the plaintiffs signed arbitration agreements waiving their right to pursue class action litigation.
HomeServices now joins more than a half-dozen other large brokerages, along with the National Association of Realtors who have settled the initial commission class-action suits.
According to the New York Times, Michael Ketchmark, the lawyer for defendants in the original Missouri case who has been leading settlement negotiations, signaled that he planned to continue to pursue legal claims against HomeServices’ parent company, Berkshire Hathaway Energy—a path that is reportedly carved out in the language of the settlement.
The final settlement terms are now pending court approval.
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