Redfin has agreed to pay $9.25 million to settle federal lawsuits that claim U.S. homeowners were saddled with artificially inflated broker commissions when they sold their home as a result of longstanding real estate industry practices.
The online brokerage and real estate services company disclosed the proposed settlement Monday in a regulatory filing with the Securities and Exchange Commission.
The settlement, which Redfin agreed to Friday, would resolve pending class action lawsuits filed in federal court in the Western District of Missouri, and also shield the company, its subsidiaries and agents from similar cases around the country, according to the filing.
So just cost of doing business, like usual
Seattle-based Redfin noted that it doesn’t expect the settlement, which must be approved by the court, to have a material impact on its future operations, adding it expects to record a $9.25 million pre-tax charge for the quarter ended March 31.
They got off without having to admit fault