Cision PR Newswire
ANYWHERE RECEIVES PRELIMINARY COURT APPROVAL OF NATIONWIDE SETTLEMENT AGREEMENT IN SELL-SIDE ANTITRUST CLASS ACTIONS
News provided byAnywhere Real Estate Inc.
Nov 20, 2023, 11:37 AM ET
MADISON, N.J., Nov. 20, 2023 /PRNewswire/ -- Anywhere Real Estate Inc. (NYSE: HOUS) ("Anywhere"), a global leader in residential real estate (formerly known as Realogy Holdings Corp.), today announced the Company has received preliminary court approval of its nationwide agreement to settle all claims asserted or which could have been asserted against Anywhere in the Burnett, Moehrl, and Nosalek antitrust class action litigation. Preliminary approval of the settlement, the terms of which were announced in October 2023, certifies the Settlement Class and authorizes commencement of the notice period to potential class members. On or before December 22, 2023, parties must contact the court to schedule the final approval hearing, which the Company still expects to occur in mid-2024.
In the settlement, Anywhere agreed to provide monetary relief of $83.5 million, substantially in line with the Company's financial planning, as well as injunctive relief. The proposed settlement is not an admission of liability, nor does it concede or validate any of the claims asserted against Anywhere.
Following final court approval, the nationwide settlement will release the Company, all subsidiaries, brands, affiliated agents, and franchisees from ongoing and future litigation surrounding the antitrust claims, including the October 31, 2023, jury verdict in the Burnett class action suit.
"I am pleased the court has granted Anywhere preliminary approval of our nationwide settlement," said Ryan Schneider, Anywhere chief executive officer and president. "Our efforts to resolve these claims remove future uncertainty and legal expense for Anywhere, our franchisees, and affiliated agents as, together, we focus on serving home buyers and sellers as they move to what's next."
The proposed settlement includes injunctive relief requiring practice changes in Anywhere Advisors, the Company's owned brokerage operations, which includes Coldwell Banker Realty, Corcoran, and Sotheby's International Realty, for a period of five years following final court approval. Anywhere has also agreed to recommend and encourage these same practice changes to its independently owned and operated franchise network across the Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Corcoran®, ERA®, and Sotheby's International Realty® brands.
About Anywhere Real Estate Inc.
Anywhere Real Estate Inc. (NYSE: HOUS) is moving the real estate industry to what's next. A leader of integrated residential real estate services, Anywhere includes franchise, brokerage, relocation, and title and settlement businesses, as well as mortgage and title insurance underwriter joint ventures, supporting approximately 1.2 million home transactions in 2022. The diverse Anywhere brand portfolio includes some of the most recognized names in real estate: Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, Corcoran®, ERA®, and Sotheby's International Realty®. Using innovative technology, data and marketing products, high-quality lead generation programs, and best-in-class learning and support services, Anywhere fuels the productivity of its approximately 190,300 independent sales agents in the U.S. and approximately 140,100 independent sales agents in 117 other countries and territories, helping them build stronger businesses and best serve today's consumers. Recognized for twelve consecutive years as one of the World's Most Ethical Companies, Anywhere has also been designated a Great Place to Work five years in a row, honored on the Forbes list of World's Best Employers three years in a row, named one of America's Most Innovative Companies 2023 by Fortune, and most recently, featured on the inaugural TIME World's Best Companies list.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "believes", "expects", "anticipates", "intends", "projects", "estimates", "potential" and "plans" and similar expressions or future or conditional verbs such as "will", "should", "would", "may" and "could" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding our antitrust class action litigation and the proposed settlement, including whether and when final court approval of the settlement may be received.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: no assurance of final court approval of the settlement related to our antitrust class action litigation; industry structure changes that disrupt the functioning of the residential real estate market; the impact of evolving competitive and consumer dynamics, including that the Company's share of the commission income generated by homesale transactions may continue to shift to affiliated independent sales agents or otherwise erode due to market factors, our ability to compete against traditional and non-traditional competitors and meaningful decreases in the average broker commission rate; adverse developments or outcomes in current or future litigation, in particular the incurrence of liabilities that are in excess of amounts accrued or payments that may be made in connection with pending litigation; disruption in the residential real estate brokerage industry related to listing aggregator market power and concentration; our failure or alleged failure to comply with laws, regulations and regulatory interpretations and any changes or stricter interpretations of any of the foregoing; and such other factors as discussed in the risks set forth under the headings "Forward-Looking Statements," "Summary of Risk Factors," "Risk Factors" and "Legal Proceedings" in our filings with the Securities and Exchange Commission, including our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2023, June 30, 2023, and September 30, 2023, and our Annual Report on Form 10-K for the year ended December 31, 2022, and our other filings made from time to time, in connection with considering any forward-looking statements that may be made by us and our businesses generally.
Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
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SOURCE Anywhere Real Estate Inc.
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