Several Recent Settlements Receive Preliminary Approval

The courts are definitely in motion as a batch of preliminary settlement approvals were signed off on by Judge Stephen R. Bough on Apr. 30.

Bough—who oversaw the Burnett case—granted preliminary approvals for the recent commission lawsuit settlements by Compass, The Real Brokerage, @properties and Realty ONE Group and Douglas Elliman.

The official filing stated that Bough and the court find the proposed settlements are “fair, reasonable and adequate,” and that the negotiations to produce the settlement accurately represented both the plaintiffs and defendants.

This was a fairly quick turnaround on approvals, given that most of these proposed settlements occurred less than a month ago—The Real Brokerage on Apr. 8, Realty ONE Group on Apr. 23, @properties on Apr. 24 and the latest with Douglas Elliman on Apr. 29.

Settlement classes were also certified in the filing to include homesellers who sold their home listed on an MLS and paid a commission between Oct. 31, 2019 and the date of class notice for Compass, Real Brokerage, Realty One Group and Douglas Elliman. In the case of @properties, the certified settlement class includes  homesellers who sold their home listed on an MLS and paid a commission within the following range of dates:

  • Homes in Arkansas, Kentucky and Missouri: Oct. 31, 2018 to the date of class notice.
  • Homes in Alabama, Georgia, Indiana, Maine, Michigan, Minnesota, New Jersey, Pennsylvania, Tennessee, Vermont, Wisconsin and Wyoming: Oct. 31, 2017 to date of class notice.
  • For all other homes: Oct. 31, 2019 to date of class notice.

NAR’s settlement was also recently given preliminary approval on Apr. 23, about a week after the motion was filed on April 17, and more than a month after the agreement was first made public on March 15. The final approval hearing is scheduled for Nov. 26, and the 60 day opt-in period for large brokerages not already included has begun.

Settlement parties in this batch will be contacting the court to schedule the final approval hearing on or before July 15, as the judge’s filing states, and the hearing will take place no later than Nov. 26, 2024 (NAR’s final approval hearing date). Some could be heard as early as May 9, when Bough has scheduled a hearing for defendants who settled much earlier (namely, RE/MAX, Anywhere and Keller Williams).

This is a developing story. Stay tuned for updates.

Source link

About The Author

Scroll to Top