Engel & Völkers settles in commissions case
The global brokerage reached an agreement with home sellers last week, according to a court filing.
Another large brokerage has chosen to settle with home sellers in the buyer agent commission cases.
In a June 19 filing in the Gibson case in U.S. District Court in Missouri, attorneys for Engel & Völkers announced the settlement but did not disclose the amount the brokerage agreed to pay. A motion was filed for preliminary approval of the proposed settlement.
The brokerage was a defendant in three separate copycat commissions cases brought by sellers in Georgia, New York and Nevada.
While the Engel & Völkers' settlement details aren't yet known, this latest payout will push the settlement fund closer to the $1 billion mark. To date, the announced damages to be paid by brokerages and the National Association of Realtors total more than $970 million.
Engel & Völkers is a global brokerage franchisor with around 300 real estate offices and more than 5,500 agents in the U.S. According to the company, it has a presence in 35 countries with a global agent count of more than 16,500.
The settlements announced so far
Finalized, but under appeal:
Anywhere Real Estate: $83.5 million
Keller Williams: $70 million
RE/MAX: $55 million
Announced or preliminarily approved:
National Association of Realtors: $418 million
HomeServices of America: $250 million
Compass: $57.5 million
Real Brokerage: $9.25 million
Realty ONE: Damage total not announced yet
@properties: Damage total not announced yet
Douglas Elliman: Up to $17.75 million
Redfin: $9.25 million
Engel & Völkers: Damage total not announced yet