Five Gibson commission lawsuit settlements gain preliminary approval

"According to the order, the court finds the settlements fair, reasonable, and adequate, and that they were negotiated at arm's-length by experienced counsel acting in good faith, including in several cases, mediation with a nationally recognized and highly experienced mediator. The order also notes that there has been adequate opportunity for discovery for experienced counsel to evaluate the claims and risks at this stage of the litigation, and that the class representatives have adequately represented the classes."

"A final approval hearing for the settlement has not yet been set. The five defendants all announced their settlement agreements earlier this year, with William Raveis settling nearly seven months ago. While the Gibson plaintiffs are all clearly ok with these settlement agreements, they don't feel the same way about those reached in the Hooper commission lawsuit, which includes settlements from eXp World Holdings and Weichert Realtors."

The court found multiple real-estate class action settlements fair, reasonable, and adequate after arm's-length negotiations by experienced counsel, including mediation with a nationally recognized mediator. The order noted adequate discovery opportunity for counsel to evaluate claims and risks and that class representatives adequately represented their classes. Settlement classes were defined by defendant: for Hanna Holdings and William Raveis, eligible MLS sellers' date ranges begin as early as October 31, 2017, or as late as October 31, 2019, depending on state, and end at the class notice; for EXIT Realty, Windermere, and Lyon, classes include MLS sellers who paid a commission from Oct. 31, 2019, to the class notice. Named plaintiffs Don Gibson, Lauren Criss, John Meiners, and Daniel Umpa were appointed settlement class representatives, JND Legal Administration was named settlement administrator, and a final approval hearing has not been set. Some Gibson plaintiffs accepted these settlements but separately objected to Hooper-related settlements involving eXp World Holdings and Weichert Realtors and filed an objection to final approval.

Read at www.housingwire.com