eXp must provide the Gibson court with documentation of the settlement negotiations

Although eXp World Holdings hoping to pass commission charges because of a proposed statewide settlement negotiated with Hooper plaintiffs in Georgia, other courts are less certain. Last Wednesday, Judge Stephen R. Bough, who presided over the Sitzer/Burnett trial and presided over the Gibson case, ruled after oral arguments that eXp must turn over all documents related to its settlement negotiations this coming Wednesday, Jan. 15.

Gibson plaintiffs previously called the deal a “sweetheart deal” and accused eXp of engaging in reverse auctions. eXp is also a defendant in the Gibson lawsuit, and while other companies involved in many copycat suits have negotiated with Gibson plaintiffs, eXp has not.

The brokerage reached a settlement in early October 2024. As part of the settlement, eXp agreed to pay $34 million into a settlement fund and make unspecified business changes. Within weeks, Gibson plaintiffs filed a motion to intervene in Hooper’s lawsuit, as they disputed the amount of money eXp paid.

Judge Bough’s latest decision is the second in which he has ordered eXp to turn over documents related to its settlement negotiations. In November, eXp asked for a stay in Gibson’s case, due to its pending resolution of Hooper’s case, but Judge Bough decided that he would need to conduct a review of Hooper’s documents, to determine whether or not the auction was postponed. it also happens if the stay is appropriate.

“Although eXp claims the facts provided by the plaintiffs are ‘unsubstantiated,’ the plaintiffs base their allegations on publicly available financial information, the timing of the Hooper settlement after the end of negotiations between the plaintiffs and eXp, and statements made by telephone on October 8, 2024. through counsel for Hooper claimed to the plaintiffs’ attorney that the eXp funds were not considered during the negotiations to settle,” Judge Bough wrote in his order last week.

He added that the Gibson plaintiffs produced “substantial evidence raising a genuine issue that eXp engaged in reverse auctions.”

eXp filed a motion for Judge Bough to review the decision, which he denied last Wednesday.

Judge Bough’s latest decision came out that day eXp, Weichert Realtors, Atlanta Communities Real Estateagain Mark Spain Real Estateand the Hooper plaintiffs, applied for preliminary approval of their settlements.

In an emailed statement, an eXp spokesperson said the company is still focused on getting approval for its settlement.

“We trust that the Georgia judge presiding over Hooper’s case will find the settlement fair, reasonable and adequate,” the spokesperson wrote.

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