In response filed on Wednesday in a joint motion for preliminary approval of the settlement, Gibson plaintiffs who intervened in the Hooper case reiterated allegations that Exp and Weichert had a “reverse auction” to acquire the settlement. I did.
Gibson’s plaintiffs consider the action to be “the well-known abuse of class action devices that prevent the approval of class action settlements.”
“The intervention negotiated with Exp and Weichert for several months, including mediation. The intervention refused to accept EXP and Weichert’s lowball offer, so Exp and Weichert secretly sought more flexible advice. Exp and Weichert chose plaintiffs and lawyers in a much more advanced litigation, with no one doing anything to litigate the case they stayed in and little has begun an investigation.
“Exp and Weichert chose lawyers who have no experience litigating the claims in question, unlike intervention lawyers. Meanwhile, Exp and Weichert were involved in the darkness of plaintiffs and interventions over competing settlement offers. The reason for this is clearly clear: to create a blind bid war. Exp and Weichert then choose the minimum bidder, Plaintiffs, and pay reasonably. I settled down for much less than I could.”
Gibson’s plaintiffs argue that the alleged reverse auction is “an antithesis of integrity, procedurally uncontaminated negotiations” and that a settlement is necessary. Furthermore, they said that the financial relief the defendants agreed to was insufficient, the proposed rank was not properly represented by their lawyer’s “ineffective plaintiffs”, and the proposed notice plan was “basic.” “It’s flawed.”
In the settlement, the four brokerage defendants agree to a change in business practices as well as a total payment of $44.05 million. Mark Spain’s real estate will pay $750,000, EXP World Holdings $34 million, North American Weichert $8.5 million, and Atlanta Community Real Estate Agency will pay $800,000 as part of the settlement.
In January, Judge Stephen R. Boff, who oversees the Schitzer/Barnett trial and Gibson case, said EXP must take over all documents related to the settlement negotiations by January 15th. It dominated after verbal discussion. This was it. The second judge asked Exp to take over documents related to the settlement negotiations. In November, Exp asked for a stay in the Gibson suit for a settlement pending the Hooper suit, but Judge Boff will conduct a review of the Hooper documents to determine whether it is a reverse auction or not. I decided it was necessary. If the stay was appropriate, it happened.
