eXp World announces industry settlement regarding home seller lawsuits

In an 8K filing, eXp World said that, “On October 1, 2024, eXp World Holdings entered into a Settlement Term Sheet in 1925 Hooper LLC, et al. v. The National Association of Realtors et. al., Case No. 1:23-cv-05392- SEG (United States District Court for the Northern District of Georgia, Atlanta Division). This Settlement is also to resolve the pending litigation in additional lawsuits… The Settlement resolves all claims in the Lawsuits and similar claims on a nationwide basis against the Company and releases the Company, its subsidiaries and affiliates, and their independent contractor real estate agents in the United States from the Claims. By the terms of the Settlement, the Company agreed to pay a total settlement amount of $34.0 million into a qualified settlement fund. In addition, the Company agreed to make certain changes to its business practices. The Company intends to use available cash to pay the Settlement Amount, which is expected to be paid as follows: 50% within thirty business days after preliminary court approval of the Settlement, and 50% on or before the one-year anniversary of initial settlement payment, which amounts will be released from escrow subject to final court approval of the Settlement. The proposed Settlement remains subject to preliminary and final court approval and will become effective upon such final approval. The Settlement and any actions taken to carry out the Settlement are not an admission or concession of liability, or of the validity of any claim, defense, or point of fact or law on the part of any party. The Company continues to deny the material allegations of the complaints in the Lawsuits.”