By Connor Hart
Fathom Realty has reached a nationwide settlement related to a class-action lawsuit that alleged large real-estate brokerages were artificially inflating home prices.
The company, a subsidiary of Fathom Holdings, will pay $500,000 into a settlement fund within five days of the settlement's formal approval by the court, as well as additional payments of $500,000 on or before Oct. 1, 2025, and approximately $2 million on or before Oct. 1, 2026.
These payments aren't expected to affect its financial position, the Cary, N.C., company said.
"We believe that this settlement represents the most prudent way forward, enabling our agents to focus on their clients without the distraction of prolonged litigation," Chief Executive Marco Fregenal said.
The litigation relates to Burnett v. The National Association of Realtors, a class-action lawsuit which alleged the NAR and other large real-estate brokerages artificially inflated home prices by coupling commissions paid to agents.
Fregenal added that the company's settlement is not an admission of liability, or an acknowledgment of the validity of any claims made against it.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
September 16, 2024 17:04 ET (21:04 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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