realestate

Two Brokerages Agree to Settle Commission Dispute

John L. Scott, Real Estate One settle in Gibson/Umpa class-action lawsuit.

J
ohn L. Scott and Real Estate One have joined the list of firms reaching deals in the Gibson/Umpa class-action lawsuit, which targets buyer agent commission practices. The settlements continue to pile up as court filings reveal that John L. Scott and Real Estate One have reached agreements with home sellers in Missouri.

    The John L. Scott settlement was filed on October 2, but details about the payment amount were not disclosed. However, the parties plan to file a request for preliminary approval soon, which will provide further information. Based in Bellevue, Washington, John L. Scott operates 110 offices across the Pacific Northwest and had over $11 billion in sales volume in 2022.

    Real Estate One's filing on October 1 also kept damages under wraps, with plans to file a preliminary approval request at a later date. As a fourth-generation family-owned business based in Michigan, Real Estate One achieved over $6 billion in sales volume last year.

    Brokerages exceeding $2 billion in sales volume were initially left out of the NAR settlement but can opt-in or negotiate their own deals with plaintiffs. The combined settlements are expected to push the total fund above $1 billion, with an additional $30 million added this week after multiple non-Realtor MLS and brokerages opted into the NAR deal.

Two brokerages agree to settle commission dispute in financial industry lawsuit.