The company was the third-largest brokerage by revenue in 2022 and was one of the relatively few holdouts that had yet to resolve a lawsuit targeting the old status quo in real estate brokerage commissions.
Whether you’re refining your business model, learning new technology, or finding a strategy to take advantage of the next market boom. inman connect new york It will prepare you to take a bold step. The next chapter is about to begin. Please join us. would you like to join Join thousands of real estate leaders from January 22-24, 2025.
EXp Realty has become the largest broker to reach an agreement to settle a pending antitrust lawsuit brought by home sales plaintiffs, according to a new filing Monday with federal regulators. .
The company has agreed to pay $34 million into a settlement fund totaling more than $1 billion for this class. We also plan to make unspecified changes to our business practices.
“This settlement resolves all claims in the lawsuit against us, as well as similar claims on a national basis (collectively, the “Claims”), and protects us, our subsidiaries and affiliates, and our independent contractor real estate agents in the United States. It frees you from legal binding. ,” the company wrote in a prepared statement.
The agreement was reached in a case known as Hooper v. National Association of Realtors. The agreement was reached on October 1, according to the filing.
EXp will pay $17 million to the fund within one month of receiving final court approval, followed by an additional $17 million a year later.
The company said the agreement resolves similar cases involving Gibson, Grace, Fierro, Latham, Whaley, Wang and Burton.
EXp was among dozens of companies excluded from a settlement agreement brokered by the National Association of Realtors in March.
The agreement targets most brokerages and agents with transaction value of less than $2 billion in 2022, and also creates a path for those with revenue of more than $2 billion to reach a settlement on their own through mediation. Ta.
EXp raised a total of $159.14 billion in 2022, making it the third most profitable brokerage firm, according to . real estate yearbook.
The company was part of a small group of holdouts among some of the country’s largest real estate companies.
Compass agreed to settle the lawsuit for $57.5 million in March. Home Services of America agreed to a $250 million settlement in April. Douglas Elliman settled the case in April for $17.75 million. Redfin agreed to settle the lawsuit for $9.25 million in May.
This story will be updated.
Email Taylor Anderson
