Douglas Elliman Inc. Enters into Settlement Agreement to Resolve Certain Brokerage Commission Litigation
Under the terms of the settlement agreement, Douglas Elliman has agreed to pay
“The settlement agreement reflects Douglas Elliman’s commitment to mitigating future uncertainties and limiting legal costs, which will benefit our Company, agents and stockholders,” said
As part of the settlement agreement, Douglas Elliman has agreed to make certain changes in its underlying business practices. These changes are consistent with the business changes Douglas Elliman’s competitors agreed to make in their respective settlements of similar litigation, many of which were already longstanding Douglas Elliman policies. For additional information, the Company has filed a Current Report on Form 8-K with the
The settlement agreement resolves all claims on a nationwide basis in the Actions and similar claims in other lawsuits alleging claims on behalf of sellers against Douglas Elliman and its subsidiaries and releases the Company, its subsidiaries and affiliated agents from such claims.
The settlement agreement remains subject to preliminary and final court approval and will become effective upon final approval by the court.
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Forward-Looking and Cautionary Statements
This press release includes forward-looking statements within the meaning of the federal securities law. All statements other than statements of historical or current facts made in this document are forward-looking. These statements include, but are not limited to, statements regarding the antitrust class action litigation and the settlement, including the timing of the settlement payments, and any impact that the settlement will have on our future operations. We identify forward-looking statements in this document by using words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may be,” “continue” “could,” “potential,” “objective,” “plan,” “seek,” “predict,” “project” and “will be” and similar words or phrases or their negatives. Forward-looking statements reflect our current expectations and are inherently uncertain. Actual results could differ materially for a variety of reasons.
Risks and uncertainties that could cause our actual results to differ significantly from our current expectations are described in our Annual Report on Form 10-K for the year ended
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