In a regulatory filing earlier, Re/Max Holdings disclosed that on September 15, a subsidiary of the company entered into a settlement term sheet to resolve the pending litigation in class action lawsuits brought (i) by Scott and Rhonda Burnett et al. in “United States District Court for the Western District of Missouri Case No. 4:19-cv-00332-SRB” and (ii) by Christopher Moehrl et al. in “United States District Court for the Northern District of Illinois Case No. 1:19-cv-01610-ARW”. The company reports a $55.0M pre-tax charge for the settlement amount that the company expects to record during the quarter ending September 30. The settlement amount is expected to be excluded from the company’s calculation of Adjusted EBITDA for the quarter ended September 30. “Apart from payment of the settlement amount, the company does not expect the terms of the proposed settlement to have a material impact on its results of operations and cash flows,” the filing stated.
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