Home / Business and Economy / Keller Williams Settles Buyer Lawsuit for $20M
Keller Williams Settles Buyer Lawsuit for $20M
4 Feb
Summary
- Keller Williams agreed to a $20 million settlement in a class action.
- The lawsuit accused the company of fixing commissions and inflating prices.
- This marks the first settlement in the nationwide homebuyer case.
Keller Williams has reached a preliminary settlement of $20 million to resolve a nationwide class action lawsuit. Homebuyers alleged that the real estate brokerage conspired with others to fix commissions, thereby inflating home prices. This agreement, filed in federal court in Chicago, is the first settlement in the case and awaits judicial approval.
As part of the accord, Keller Williams has agreed to cooperate with plaintiffs in their ongoing claims against other defendants, including Anywhere Real Estate, RE/MAX, and the National Association of Realtors. Homebuyers contend that industry practices, including sellers paying buyer agent commissions, lead to higher home costs.
Keller Williams stated the settlement aims to eliminate uncertainty for its franchisees and agents, allowing the company to focus on its core mission. While denying wrongdoing, the brokerage will provide deposition and trial testimony, along with relevant documents, to the plaintiffs. Attorneys for the homebuyers will seek approximately $6.7 million for legal fees from the settlement.
