e
Xp Realty has agreed to settle several commission lawsuits, marking a significant development in its response to ongoing litigation. The brokerage reached a settlement in Hooper vs. the National Association of Realtors last week, as disclosed in a Securities and Exchange Commission filing. This deal will also apply to similar cases such as Gibson.

    Under the terms of the agreement, eXp will contribute $34 million to a settlement fund, with half paid within 30 days of preliminary approval and the remainder contributed over the following year. The company has also committed to changing its business practices, although it did not specify how.

    The settlement was first reported by Inman. eXp stated that the agreement does not constitute an admission of liability or validation of any claims against the brokerage. The company expects the settlement to have a minimal impact on operations.

    eXp had already begun updating its practices before a National Association of Realtors' deadline in August, which banned listing agents from offering compensation to buyers' agents on Realtor-affiliated multiple listing services. In July, eXp released a listing agreement stating that it does not share commissions with buyer's brokers and allows buyers to request concessions from sellers.

    Other major brokerages have also reached settlements in commission lawsuits, including HomeServices of America ($250 million), Compass ($57.5 million), Douglas Elliman ($17.75 million), and Redfin ($9.25 million).