“The final approval of these settlements by the court was expected,” said Marty Green, principal at mortgage law firm Polunsky Beitel Green. “Although there were some objections that the court had to address, the momentum of the case has been rapidly moving toward a nationwide resolution, and it was very unlikely that the court was interested in deviating from a process that furthered that outcome.”
RE/MAX Holdings CEO Erik Carlson commented: “Since entering into the settlement last fall, RE/MAX has been committed to obtaining final approval. We are thrilled to be leading the way in moving forward, maintaining our focus on supporting RE/MAX affiliates and continuing to foster greater transparency in the industry on behalf of homebuyers and sellers.”
“I am pleased the court has granted Anywhere final approval of our nationwide settlement,” said Ryan Schneider, Anywhere CEO and president. “This is a significant milestone on our path to put these claims behind us, begin to implement agreed upon practice changes, and move forward with our affiliated agents and franchisees as, together, we continue helping home buyers and sellers move to what’s next.”
The settlements are the largest so far from the high-profile commission lawsuits alleging real estate companies conspired to inflate fees paid by home sellers through antiquated rules. The NAR previously reached a $781 million settlement that awaits final approval in November.
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