Firms not originally named in the Tuccori suit later settled homebuyer litigations where they were named, including Batton 1 and 2, Cwynar, Davis, and Lutz, through an opt-in feature in the Tuccori settlement. After settlement announcements, plaintiffs in other homebuyer commission lawsuits sought to block approval. The court found the settlement terms, including opt-in agreement amounts, fair, reasonable, and adequate, negotiated at arm’s length by experienced counsel acting in good faith. Multiple mediation sessions overseen by a court-appointed special master supported the finding. The court concluded counsel had adequate opportunity to evaluate claims and risks and that approval of the opt-in agreements is likely. The court also rejected reverse-auction characterizations, finding compensation rates comparable to earlier resolved settlements. A final approval hearing date has not been set.
"In the order, Jenkins wrote that the terms of the settlement, including the amount of each proposed opt-in agreement, are fair, reasonable and adequate. She ruled they were negotiated at arm's length by experienced counsel acting in good faith, including through multiple mediation sessions overseen by a court-appointed special master for mediation. The judge also wrote that the opt-in agreements were reached as a result of those negotiations; there has been adequate opportunity for experienced counsel to evaluate the claims and risks at this stage of the litigation; and the Court will likely be able to approve the Opt-In Agreements."
"Additionally, despite claims by the Batton plaintiffs that these opt-in settlements were the result of a reverse auction, the judge concluded that the Opt-In Agreements compensate indirect purchaser claims at almost the same rate as the claims previously resolved by the [home seller] Burnett, Gibson, Keel and Hooper settlements."
"These firms were not originally named as defendants in the Tuccori suit, but they were able to settle the homebuyer litigations they were named in which included Batton 1 and 2, Cwynar, Davis and Lutz through an opt-in feature in the Tuccori settlement. Since the settlements were announced, the plaintiffs in other homebuyer commission lawsuits have sought to prevent the settlements from gaining approval."
"A final approval hearing date for these settlements has yet to be announced."
#class-action-settlements #opt-in-agreements #homebuyer-commission-litigation #mediation-and-special-master #settlement-approval
Read at www.housingwire.com
Unable to calculate read time
Collection
[
|
...
]