New York Luxury firm Douglas Elliman has reached a settlement to resolve remaining homebuyer claims in a buyer copycat case known as Tuccori, according to a court document filed April 9.
The settlement, filed in the U.S. District Court for the Southern District of Florida, allows Douglas Elliman to resolve residential homebuyer claims that were not covered by a previous settlement the company reached with plaintiffs suing over seller-side antitrust practices.
The opt-in period for the settlement is set to expire April 13. Following the deadline, plaintiffs in the Tuccori case plan to seek preliminary approval of their settlement with Douglas Elliman in the Northern District of Illinois.
This Tuccori settlement is part of ongoing litigation initiated by James Tuccori and other homebuyers alleging antitrust violations in the residential real estate market. The case involves disputes over commission structures and practices in the real estate industry, with multiple defendants and previously negotiated settlements. However, the Douglas Elliman settlement comes amid controversy over how smaller copycat cases like Tuccori are being used to secure discounted deals from major defendants.
In February, plaintiffs in the larger Batton buyer case attempted to block an Anywhere Real Estate settlement in Tuccori for less than $10.78 million, arguing it violated the “reverse auction doctrine” by allowing the company to sidestep five years of intensive litigation in the flagship case for pennies on the dollar.
No details regarding the Douglas Elliman settlement amount have been made public. Keller Williams recently settled for $20 million in the Batton homebuyer case.
The legal landscape is further complicated by a pending Eighth Circuit appeal that could expand homebuyer rights. The court is currently considering whether homebuyers who also sold homes during the settlement period can pursue separate claims for their buying transaction, even if they received compensation through the seller-side settlements. The outcome of that appeal, expected by late summer or early fall, could significantly affect the scope of claims in cases like Tuccori.
Anywhere and Howard Hanna are also pursuing settlements in Tuccori. All settlements must still receive final court approval.
