Douglas Elliman Inc. Enters into Settlement Agreement to Resolve Certain Brokerage Commission Litigation
Douglas Elliman Inc. (DOUG)
Company Research
Source: Business Wire
MIAMI--(BUSINESS WIRE)--Douglas Elliman Inc. (NYSE: DOUG) today announced it has entered into a settlement agreement to resolve on a nationwide basis the pending class action litigation on behalf of sellers relating to real estate brokerage fees in the Gibson and Umpa cases pending in the Western District of Missouri (the “Actions”).Under the terms of the settlement agreement, Douglas Elliman has agreed to pay $7.75 million within 30 business days of preliminary approval of the settlement by the Court and up to two additional $5 million contingent payments between December 31, 2025 and December 31, 2027. The settlement agreement is not an admission of liability, or of the validity of any claim, and the Company denies the material allegations asserted against it.“The settlement agreement reflects Douglas Elliman’s commitment to mitigating future uncertainties and limiting legal costs, which will benefit our Company, agents and stockholders,” said Howard M. Lorber, Chairman and Chie
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