T
he Keyes Company, a significant real estate firm based in Florida, recently reached a settlement in a lawsuit involving buyer agent commissions. The settlement fund is expected to exceed $1 billion. The lawsuit was filed on behalf of home sellers who used a listing agent associated with one of seven brokerage companies named as defendants between October 2019 and October 2023. The case was combined with another lawsuit, Umpa, which was filed in the same court.

    The Keyes Company is a family-owned brokerage led by CEO Mike Pappas, with his daughter Christina Pappas serving as president. The company is one of the largest independent brokerages in Florida, with over 4,000 agents on its roster. Illustrated Properties, another brokerage involved in the settlement, has offices primarily located in the West Palm Beach area of Florida.

    While the exact amount of the settlement has not been disclosed, court documents indicate that the plaintiffs intend to file for preliminary approval of the deal. As of September 3, 14 brokerage companies have publicly announced settlements, totaling over $980 million. Any appeals related to these settlements are due by September 25.

    The National Association of Realtors (NAR) and HomeServices of America have already finalized their settlements, totaling $418 million and $250 million respectively. Compass, Real Brokerage, and others have also recently announced their settlements, which are currently under preliminary approval.

    The final approval hearing for NAR and HomeServices deals, which account for more than two-thirds of the total settlement fund to date, is scheduled for November 26. The remaining brokerages will have their final approval hearing on October 31, while the hearing for The Keyes Company will be determined after its agreement receives preliminary approval.