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.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。