MADISON,
N.J., Nov. 20, 2023 /PRNewswire/ -- Anywhere
Real Estate Inc. (NYSE: HOUS) ("Anywhere"), a global leader in
residential real estate (formerly known as Realogy Holdings Corp.),
today announced the Company has received preliminary court approval
of its nationwide agreement to settle all claims asserted or which
could have been asserted against Anywhere in the
Burnett, Moehrl, and Nosalek antitrust class action
litigation. Preliminary approval of the settlement, the terms of
which were announced in October 2023,
certifies the Settlement Class and authorizes commencement of the
notice period to potential class members. On or before December 22, 2023, parties must contact the court
to schedule the final approval hearing, which the Company still
expects to occur in mid-2024.
![Anywhere RE Logo (PRNewsfoto/Realogy Holdings Corp.) Anywhere RE Logo (PRNewsfoto/Realogy Holdings Corp.)](https://mma.prnewswire.com/media/1672050/Anywhere_Logo.jpg)
In the settlement, Anywhere agreed to provide monetary relief of
$83.5 million, substantially in line
with the Company's financial planning, as well as injunctive
relief. The proposed settlement is not an admission of liability,
nor does it concede or validate any of the claims asserted against
Anywhere.
Following final court approval, the nationwide settlement will
release the Company, all subsidiaries, brands, affiliated agents,
and franchisees from ongoing and future litigation surrounding the
antitrust claims, including the October 31,
2023, jury verdict in the Burnett class action suit.
"I am pleased the court has granted Anywhere preliminary
approval of our nationwide settlement," said Ryan Schneider, Anywhere chief executive
officer and president. "Our efforts to resolve these claims remove
future uncertainty and legal expense for Anywhere, our franchisees,
and affiliated agents as, together, we focus on serving home buyers
and sellers as they move to what's next."
The proposed settlement includes injunctive relief requiring
practice changes in Anywhere Advisors, the Company's owned
brokerage operations, which includes Coldwell Banker Realty,
Corcoran, and Sotheby's International Realty, for a period of five
years following final court approval. Anywhere has also agreed to
recommend and encourage these same practice changes to its
independently owned and operated franchise network across the
Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell
Banker®, Corcoran®, ERA®, and Sotheby's International Realty®
brands.
About Anywhere Real Estate Inc.
Anywhere Real Estate
Inc. (NYSE: HOUS) is moving the real estate industry to what's
next. A leader of integrated residential real estate services,
Anywhere includes franchise, brokerage, relocation, and title and
settlement businesses, as well as mortgage and title insurance
underwriter joint ventures, supporting approximately 1.2 million
home transactions in 2022. The diverse Anywhere brand portfolio
includes some of the most recognized names in real
estate: Better Homes and Gardens® Real Estate, CENTURY
21®, Coldwell Banker®, Coldwell Banker Commercial®,
Corcoran®, ERA®, and Sotheby's International
Realty®. Using innovative technology, data and marketing
products, high-quality lead generation programs, and best-in-class
learning and support services, Anywhere fuels the productivity of
its approximately 190,300 independent sales agents in the U.S. and
approximately 140,100 independent sales agents in 117 other
countries and territories, helping them build stronger businesses
and best serve today's consumers. Recognized for twelve consecutive
years as one of the World's Most Ethical Companies, Anywhere
has also been designated a Great Place to Work five years
in a row, honored on the Forbes list of World's Best Employers
three years in a row, named one of America's Most Innovative
Companies 2023 by Fortune, and most recently, featured on the
inaugural TIME World's Best Companies list.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the
meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by words such as: "believes",
"expects", "anticipates", "intends", "projects", "estimates",
"potential" and "plans" and similar expressions or future or
conditional verbs such as "will", "should", "would", "may" and
"could" and similar references to future periods. Examples of
forward-looking statements include, among others, statements we
make regarding our antitrust class action litigation and the
proposed settlement, including whether and when final court
approval of the settlement may be received.
Forward-looking statements are neither historical facts nor
assurances of future performance. Instead, they are based only on
our current beliefs, expectations and assumptions regarding the
future of our business, future plans and strategies, projections,
anticipated events and trends, the economy and other future
conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of our control. Our actual results and financial
condition may differ materially from those indicated in the
forward-looking statements. Therefore, you should not rely on any
of these forward-looking statements. Important factors that could
cause our actual results and financial condition to differ
materially from those indicated in the forward-looking statements
include, among others, the following: no assurance of final court
approval of the settlement related to our antitrust class action
litigation; industry structure changes that disrupt the functioning
of the residential real estate market; the impact of evolving
competitive and consumer dynamics, including that the Company's
share of the commission income generated by homesale transactions
may continue to shift to affiliated independent sales agents or
otherwise erode due to market factors, our ability to compete
against traditional and non-traditional competitors and meaningful
decreases in the average broker commission rate; adverse
developments or outcomes in current or future litigation, in
particular the incurrence of liabilities that are in excess of
amounts accrued or payments that may be made in connection with
pending litigation; disruption in the residential real estate
brokerage industry related to listing aggregator market power and
concentration; our failure or alleged failure to
comply with laws, regulations and regulatory interpretations and
any changes or stricter interpretations of any of the foregoing;
and such other factors as discussed in the risks set forth under
the headings "Forward-Looking Statements," "Summary of Risk
Factors," "Risk Factors" and "Legal Proceedings" in our filings
with the Securities and Exchange Commission, including our
Quarterly Reports on Form 10-Q for the quarters ended March 31, 2023, June 30,
2023, and September 30, 2023,
and our Annual Report on Form 10-K for the year ended December 31, 2022, and our other filings made
from time to time, in connection with considering any
forward-looking statements that may be made by us and our
businesses generally.
Any forward-looking statement made by us in this press release
is based only on information currently available to us and speaks
only as of the date on which it is made. We undertake no obligation
to publicly update any forward-looking statement, whether written
or oral, that may be made from time to time, whether as a result of
new information, future developments or otherwise.
Investor
Contacts:
|
Media
Contacts:
|
Alicia Swift
|
Trey Sarten
|
(973) 407-4669
|
(973)
407-2162
|
alicia.swift@anywhere.re
|
trey.sarten@anywhere.re
|
|
|
Tim Swanson
|
Gabriella
Chiera
|
(973) 407-2612
|
(973)
407-5236
|
tim.swanson@anywhere.re
|
gabriella.chiera@anywhere.re
|
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SOURCE Anywhere Real Estate Inc.