RE/MAX Holdings Inc. (NYSE: RMAX) announced that its subsidiary RE/MAX LLC has agreed to an $8.5 million settlement related to the Batton commission lawsuit.
The settlement covers RE/MAX, its parent company, and the company’s US franchise network and sales associates. The company will divide its settlement total into $1.5 million to paid when the agreement receives preliminary approval and the remainder to be paid upon final approval of the deal.
The settlement does not require the company to admit liability.
“Entering into this settlement is a business decision that brings certainty to what has been a long and uncertain situation,” said a company spokesperson, adding that its “affiliates are able to continue putting buyers and sellers first – without distraction – as they deliver the best experience in real estate.”
This agreement follows last month’s $20 million settlement by Keller Williams, which leaves the National Association of Realtors as the sole remaining defendant in the Batton lawsuit. Last month, Anywhere Real Estate agreed to settle claims in a similar separate lawsuit, but the Batton plaintiffs filed a motion to intervene in that case.
Sad they did not fight or file counter sue those bringing the action along with their attorney’s Have been in real estate since 1982 Commissions have always been negotiable. Flat fee listings have been around since the 1980’s as well. Sad to see the big companies and NAR rolloing over to the class action lawsuits
Don’t understand how you can lose a law suit when in fact commission is negotiated
Negotiated. That means the homeowner agrees to & signs to what is negotiated
The only ones coming out of this ahead are the attorneys
total crap. lawyers are ruining this country and this lawsuit has done absolutely nothing to help a consumer.
My first thought when hearing of the lawsuit was these attorneys do not know how this business works! Shame on NAR for hiring this firm who knows nothing about our business and for letting this happen in the first place! No spine! Now they have a PR tour touting how important they are and we should be happy being members. They need to justify their high spending for luxury offices, travel, accommodations, and pay.