"The Gibson plaintiffs claimed that eXp negotiated the agreement with the Hooper plaintiffs after conducting prolonged, unsuccessful settlement negotiations with Intervenor Plaintiff counsel, conducting a reverse auction in an attempt to gain a sweetheart deal."
"As the Court noted, this agreement was reached through rigorous, arm's-length negotiations and provides substantial value to the class while avoiding the risks and costs of protracted litigation."
"We are grateful for the Court's thorough review of the record and its finding that the settlement is fair, reasonable and adequate, the spokesperson added."
The court's preliminary approval of settlements follows a contentious legal battle between the Gibson plaintiffs and settling parties in the Hooper lawsuit. eXp was the first to settle, prompting the Gibson plaintiffs to file a motion to intervene. Judge Cohen denied this motion and later approved the settlements, which were reached through rigorous negotiations. eXp expressed satisfaction with the ruling, emphasizing the settlement's fairness and the value it provides while avoiding lengthy litigation. CPT Group will manage the notice and claims process for the settlement.
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