The brokerage was the third-largest by sales volume in 2022 and one of a relative few holdouts who had yet to settle lawsuits targeting the old status quo for real estate commissions.
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EXp Realty has become the largest brokerage to reach an agreement to settle pending antitrust litigation filed by homeseller plaintiffs, according to a new filing it made with federal regulators on Monday.
The company agreed to pay $34 million into the settlement fund that has surpassed $1 billion total for the class. It will also make unspecified changes to its business practices.
“The Settlement resolves all claims in the Lawsuits and similar claims on a nationwide basis against the Company (collectively, the “Claims”) and releases the Company, its subsidiaries and affiliates, and their independent contractor real estate agents in the United States from the Claims,” the company wrote in the brief filing.
The agreement came in a case known as Hooper vs. the National Association of Realtors. It was reached on Oct. 1, the filing says.
EXp will pay $17 million into the fund within a month of receiving final court approval and another $17 million a year after that.
The company said its agreement would settle similar lawsuits, including Gibson, Grace, Fierro, Latham, Whaley, Wang and Burton.
EXp was among the dozens of firms not covered by the settlement agreement brokered by the National Association of Realtors in March.
That agreement covered most brokerages and agents who transacted less than $2 billion in 2022. It also created a pathway for those who earned over $2 billion to reach settlements on their own through mediation.
EXp was the third-highest earning brokerage in 2022, pulling in $159.14 billion in total, according to the Real Estate Almanac.
The company had been among a small group of holdouts among some of the nation’s largest real estate firms.
Compass agreed to settle the cases in March for $57.5 million. HomeServices of America agreed to settle in April for $250 million. Douglas Elliman settled in April for $17.75 million. Redfin agreed to settle the cases for $9.25 million in May.
This story will be updated.
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