Real estate giant REMAX has reached an $8.5 million settlement in the Batton antitrust class-action lawsuit, following a similar resolution by Keller Williams Realty. The lawsuit, filed in 2021, accused REMAX, Keller Williams, Anywhere Real Estate, and the National Association of REALTORS® of conspiring to fix agent commissions and artificially inflate home prices. This agreement marks REMAX as the second defendant to settle with the plaintiffs.
Key Takeaways
- REMAX will pay $8.5 million to resolve claims in the Batton antitrust lawsuit.
- The settlement follows Keller Williams Realty’s $20 million agreement in the same litigation.
- The lawsuit alleges collusion to fix agent commissions and inflate home prices.
- This settlement covers claims brought by home buyers, distinct from the home seller claims in the Sitzer/Burnett lawsuit.
Details of the REMAX Settlement
The settlement agreement stipulates that REMAX will pay $1.5 million upon preliminary court approval, with the remaining $7 million to be paid once the court grants final approval. A spokesperson for REMAX stated that the company is "pleased to have reached an agreement that will release the company, as well as REMAX sub-franchisors, franchisees and agents, from the remaining claims." The decision to settle was described as a business one aimed at bringing certainty to a prolonged legal situation, allowing REMAX affiliates to focus on serving buyers and sellers.
No Admission of Liability
In an SEC filing, REMAX emphasized that the settlement agreement and any actions taken to implement it do not constitute an admission or concession of liability, nor do they validate any claims or defenses presented in the lawsuit. The company continues to deny the material allegations and entered into the settlement after evaluating the risks and costs associated with continued litigation. The Batton lawsuit shares similar allegations with the Sitzer/Burnett case, but the plaintiffs in Batton were home buyers, not home sellers.