Anywhere Real Estate Inc., a prominent player in the residential real estate industry, has announced the preliminary court approval of a groundbreaking settlement in the Burnett, Moehrl, and Nosalek antitrust class action litigation. The settlement, worth $83.5 million, reflects Anywhere’s commitment to resolving the claims against them.
The agreement includes both monetary relief and injunctive relief, ensuring that all parties involved will benefit from this resolution. However, it is important to note that this settlement does not imply an admission of liability from Anywhere. Instead, it serves as a proactive step to eliminate future uncertainty and legal expenses, allowing Anywhere to focus on its core mission of serving home buyers and sellers.
Following final court approval, the settlement will release Anywhere, its subsidiaries, brands, affiliated agents, and franchisees from ongoing and future litigation related to the antitrust claims, including a recent jury verdict in the Burnett class action suit. This development brings a sigh of relief for all parties involved, providing them with the opportunity to move forward with renewed energy and dedication.
In addition to the financial settlement, Anywhere has also agreed to implement practice changes within its owned brokerage operations, which include well-known brands such as Coldwell Banker Realty, Corcoran, and Sotheby’s International Realty. These changes will be in effect for five years following the court’s final approval. Moreover, Anywhere intends to recommend and encourage these practice changes across its independently owned and operated franchise network, which comprises Better Homes and Gardens Real Estate, CENTURY 21, Coldwell Banker, Corcoran, ERA, and Sotheby’s International Realty.
This groundbreaking settlement signifies Anywhere’s commitment to addressing the claims asserted against them while allowing all parties to focus on providing exceptional service to their clients. By taking this proactive approach, Anywhere aims to position itself as a leader in the real estate industry, fostering trust, stability, and innovation.
FAQ
1. What is the settlement amount in Anywhere Real Estate Inc.’s nationwide agreement?
The settlement amount in Anywhere’s nationwide agreement is $83.5 million.
2. Does the settlement imply Anywhere’s admission of liability?
No, the settlement does not imply Anywhere’s admission of liability.
3. What practice changes will Anywhere implement?
Anywhere will implement practice changes within its owned brokerage operations, such as Coldwell Banker Realty, Corcoran, and Sotheby’s International Realty. These changes will be in effect for five years following final court approval.
4. Will the settlement release Anywhere from ongoing and future litigation?
Yes, the settlement will release Anywhere, its subsidiaries, brands, affiliated agents, and franchisees from ongoing and future litigation related to the antitrust claims.
5. How does Anywhere plan to support its independently owned and operated franchise network?
Anywhere intends to recommend and encourage the same practice changes to its independently owned and operated franchise network, which includes Better Homes and Gardens Real Estate, CENTURY 21, Coldwell Banker, Corcoran, ERA, and Sotheby’s International Realty.