Anywhere Real Estate, owner of Coldwell Banker, Century 21, Sotheby’s and several other iconic real estate brands, has reached a settlement on two pivotal lawsuits for the real estate industry.
Court documents submitted today show that the plaintiffs in both the Moehrl and Sitzer/Burnett lawsuits have reached a preliminary settlement. Details haven’t been released, but a statement by Anywhere says that the settlement covers the company and all of its franchisees.
According to the statement from Anywhere: “We believe the settlement will remove uncertainty with respect to the upcoming trial, potential additional claims, and legal expense, enabling Anywhere to focus on and continue to deliver what’s next for agents and franchisees.”
There are billions of dollars at stake for brokers in these legal goings-on. If the plaintiffs prevail in these industry-changing lawsuits, brokers will be responsible for refunding buy-side commissions to all their clients from 2014 forward.
As an example, a broker in Missouri transacting 1,000 buy side deals a year would be responsible for paying back $32,000,000 in commissions.
While Anywhere may be close to a resolution, its codefendents in the suits, which include the National Association of Realtors, Homeservices of America, Keller Williams, and RE/MAX are still scheduled to go to trial.
We’ll keep updating the story as more details emerge.
