Appeals Add Another Layer of Risk
Counsel for the Illinois homebuyers are also pressing forward in the Eighth Circuit, appealing final approval of home seller settlements that they argue improperly release homebuyer claims.
Yet that appeal adds uncertainty. According to Monday’s motion, without the Keller Williams agreement, the plaintiffs face the possibility of an adverse ruling on class certification and the potential release of a “significant portion” of their claims without compensation.
“While plaintiffs believe they will prevail, additional discovery, class certification, summary judgment, expert reports and challenges, and trial — each phase with its attendant risks — still lie ahead,” the motion states.
At the heart of the case is a complex economic question: did inflated commissions lead to inflated home prices? The plaintiffs acknowledge the case is largely a battle of expert testimony, where competing economic models could tip the scales.
Industry Response
A Keller Williams representative could not immediately be reached for comment Wednesday.
NAR General Counsel Jon Waclawski said Tuesday that Keller Williams’ decision to settle “does not change the fact that NAR will continue to pursue all legal options to achieve a result that best serves the interest of our members, the industry and consumers.”
The homebuyers are represented by attorneys Ryan Z. Cortazar, George A. Zelcs, Steven M. Berezney and Randall P. Ewing Jr. of Korein Tillery, along with Vincent Briganti, Margaret MacLean and Noelle Forde of Lowey Dannenberg PC.
Keller Williams is represented by Jennifer Lada, Timothy Ray, Anna Pendleton Hayes and David C. Kully of Holland & Knight LLP.
As the Keller Williams $20M Settlement awaits judicial review, the agreement stands as both a financial resolution and a strategic pivot in one of the most closely watched commission-fixing battles in U.S. real estate.
