According to new court documents, Weichert has reached a settlement in a case known as Hooper, following in the footsteps of eXp Realty’s recent settlement in the same case. The settlement method used by both companies has sparked pushback from plaintiffs in a different lawsuit.
Whether it’s refining your business model, mastering new technologies, or discovering strategies to capitalize on the next market surge, Inman Connect New York will prepare you to take bold steps forward. The Next Chapter is about to begin. Be part of it. Join us and thousands of real estate leaders Jan. 22-24, 2025.
Court documents reveal that Weichert Real Estate Affiliates settled the Hooper case on Nov. 5, but the documents were filed in a separate case known as Gibson. Weichert is requesting a stay in the Gibson lawsuit while the settlement in Hooper proceeds.
The specific terms of Weichert’s settlement have not been disclosed. Inman has reached out to the company for comment and will update the story accordingly.
This settlement mirrors eXp Realty’s approach, where they settled the Hooper case for $34 million in early October. However, plaintiffs in the Gibson case criticized the settlement as insufficient, alleging that eXp settled Hooper to gain leverage in the Gibson case.
The Gibson plaintiffs are seeking to renegotiate the terms of the settlement with eXp.
The controversy revolves around a strategy known as a “reverse auction,” where a defendant settles one class action lawsuit to potentially influence the outcome of other similar lawsuits. By settling in the Hooper case, eXp and Weichert may resolve the Gibson case as well, even if the Gibson plaintiffs are dissatisfied with the terms.
eXp Realty has defended its settlement against criticism this week.