Weichert has recently settled a case known as Hooper, as per new court documents. The settlement by eXp in a similar case had faced opposition from plaintiffs in a separate lawsuit.
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Following eXp Realty’s controversial settlement in a commission lawsuit, Weichert has now employed a similar method for its own settlement, as revealed in new court documents.
The documents indicate that Weichert Real Estate Affiliates finalized its settlement agreement on Nov. 5 in the Hooper case. However, these documents were filed in a different case called Gibson, with Weichert requesting the Gibson judge to “stay” their involvement in that lawsuit while the Hooper settlement progresses.
The specifics of Weichert’s settlement amount have not been disclosed in the documents. Inman has reached out to the company for a response, and any updates will be included in this story.
This settlement mirrors eXp’s approach, where the company announced a $34 million settlement with Hooper plaintiffs in early October. However, plaintiffs in the Gibson case later criticized the settlement as inadequate, alleging that eXp settled the Hooper suit to secure a better deal than they would have in the Gibson case.
The Gibson plaintiffs are seeking to compel the company to renegotiate in their lawsuit.
The controversy revolves around a tactic known as a “reverse auction,” where a defendant seeks the most favorable settlement terms by exploring similar class action suits. Settling in one suit typically resolves others as well. Therefore, settling in the Hooper case by eXp or Weichert would also resolve the Gibson case, even if the Gibson plaintiffs are dissatisfied with the terms.
eXp has recently defended its deal against criticism.