RE/MAX (NASDAQ:RMAX) and Anywhere Real Estate Inc. (NYSE: HOUS) respectively announced they received preliminary approval from a Missouri court of their settlements in the Burnett, Moehrl and Nosalek class action lawsuits, as well for similar claims on a nationwide basis.
RE/MAX entered into a $55 million settlement agreement with plaintiffs on Oct. 5, agreeing to make changes to its business practices as part of the settlement. Anywhere’s settlement involves monetary relief of $83.5 million, as well as injunctive relief. The companies stressed that their proposed settlements are not an admission of liability, nor should it be viewed as validating the antitrust charges raised against them.
“We are pleased with the court’s decision to grant preliminary approval of the settlement,” said Nick Bailey, president and CEO of RE/MAX LLC. “This development signifies progress in our ongoing efforts and commitment to a resolution – it’s a positive step forward in bringing these cases closer to the finish line.”
“I am pleased the court has granted Anywhere preliminary approval of our nationwide settlement,” said Ryan Schneider, Anywhere CEO and president. “Our efforts to resolve these claims remove future uncertainty and legal expense for Anywhere, our franchisees, and affiliated agents as, together, we focus on serving home buyers and sellers as they move to what’s next.”