eXp settles commission lawsuits for $34 million
The best brokerage in the country in terms of number of transactions, eXp Real Estatesettled the commission lawsuits.
The parent company of eXp Realty, eXp World Holdingsannounced the settlement on Monday in a submit with the Securities and Exchange Commission (SEC). According to the filing, the company officially reached a settlement with the plaintiffs in the Hooper case on October 1.
As part of the settlement, eXp has agreed to pay $34 million into the settlement fund and make unspecified changes to its business practices. The brokerage firm noted that it does not expect the terms of the settlement to have a material impact on its operations, liquidity or cash flows.
In the filing, eXp notes that the settlement resolves all pending lawsuits in additional lawsuits, including the Gibson, Grace, Fierro, Whaley, Wang, Burton and Willsim Latham lawsuits. It also releases all “subsidiaries and affiliates of eXp, and their independent contractual brokers in the United States from the claims.”
The company notes that the settlement does not constitute an admission of liability, nor does it validate the allegations in the commission lawsuits.
In settling the commission lawsuits, eXp Realty joins major companies and industry players such as National Association of Real Estate Agents, Understand, NextHome, The Keyes Co., HomeSmart, Redfin, United Real Estate, Douglas Elliman, Real Estate One Group, At World Properties, Everywhere, RE/MAX, Keller Williams, Compass, HomeServices of America And The real real estate agency.
