A federal appeals court has upheld $110.6 million in settlements reached by major real estate brokerages in the Gibson commission case.
The U.S. Court of Appeals for the Eighth Circuit affirmed the settlements less than two weeks after upholding the NAR Sitzer-Burnett settlement case. In a published opinion, the court said the Gibson appeals raised many of the same arguments it had already rejected in its Aug. 19 Sitzer-Burnett ruling and adopted much of that decision’s legal analysis.
The Gibson settlements contribute $110.6 million to the commission litigation recovery fund, bringing total recoveries for class members to approximately $1.018 billion. Like the Burnett settlement, each defendant also agreed to implement the same practice changes.
Filed in Missouri federal court on Oct. 31, 2023, the day a jury returned a $1.78 billion verdict in the Sitzer case, Gibson alleged that Compass, Redfin, eXp, Douglas Elliman and other brokerages participated in the same commission-related conspiracy. The case was later consolidated with Umpa, another nationwide commission lawsuit.
Recent Comments