One of the last major holdouts in the commission lawsuits has struck a settlement deal, with Pennsylvania-based independent brokerage Howard Hanna agreeing with plaintiffs to end the litigation, according to court filings today.
The brokerage had up until now fought aggressively in the largest Burnett copycat lawsuit (known as Gibson), even as nearly every other large brokerage firm has struck deals in the seller-filed class-action lawsuits, which allege broad conspiracy and antitrust violations in how agent commissions are structured.
Howard Hanna had recently sought to recuse the judge in the case and pushed to transfer it from Missouri to Pennsylvania, largely unsuccessfully. The brokerage is still facing claims from buyers in a separate lawsuit.
Representatives from the brokerage declined to comment. Terms of the settlement were not immediately available, and a judge will still have to approve the deal before any agreement is final.
Howard Hanna’s decision to settle effectively leaves only one more brokerage defendant in the Gibson case—namely, Tennessee-based Crye Leike—though two other companies are facing questions about how they negotiated their settlements, throwing those deals into doubt. Berkshire Hathaway Energy, the parent company of HomeServices, is also a defendant in the case.
This is a developing story. Stay tuned to RISMedia for updates.
