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.
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