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The Keyes Company, which describes itself as the top independent brokerage in Florida, is the latest brokerage to reach a commission lawsuit settlement, executives revealed in court filings made public on Tuesday.
The brokerage revealed the proposed settlement in documents filed in Missouri that did not disclose how much the company will pay or what business practices it might change. The filing was made in a lawsuit known as Gibson, for it’s lead defendant, which was the first of the so-called copycat suits to follow last year’s jury verdict against the National Association of Realtors and major franchisors.
The Gibson case was later consolidated with a similar lawsuit known as Umpa.
Like other commission suits, the Gibson and Umpa cases allege that NAR and various real estate companies conspired to break antitrust laws and inflate costs.
Mike Pappas
The brokerage boasts more than 4,000 agents across 50 offices in Florida, according to The Keyes Company. Its website describes the firm as the number one independent brokerage in the state. Mike Pappas serves as CEO of The Keyes Company. His daughter Christina Pappas serves as president, with the company website noting that the firm is now in its “fourth generation of local family leadership.”
In a statement to Inman, Mike Pappas said that his company’s priority “has always been to support our agents and deliver outstanding service to their customers.”
“After carefully considering all options, we believe that settling this matter is the most prudent course of action,” Pappas continued. “This decision allows us to move forward without the distraction of ongoing litigation, so we can remain focused on what we do best — leading the market with innovation, a commitment to our community, and providing exceptional value and support to our real estate associates.”
He added that settling was a “strategic choice to prioritize the interests of our agents, customers, and family of companies.”
Though many brokerages across the U.S. are covered as part of NAR’s own sweeping commission suit settlement, companies that did more than $2 billion in residential sales volume in 2022 were not included in that deal. According to the 2023 Real Estate Almanac, the Keyes Company inked more than $7.5 billion in 2022 — well above the $2 billion threshold.
The Keyes Company is just one of many firms that have filed settlements in commission lawsuits. Anywhere, RE/MAX, Compass, Redfin, Keller Williams have all settled, among others.
In the case of The Keyes Company, the settlement will first require preliminary court approval, followed by final approval at a later date. Tuesday’s court filing does not mention a timeline for preliminary or final approval.
NAR’s settlement received preliminary approval in April and has a final approval hearing scheduled for November.
Read Tuesday’s court filing here (refresh the page if the document does not appear):
Update: This story was updated after publication with a statement from Mike Pappas.
