The independent, Ohio-based brokerage will pay $895,000 to settle a lawsuit known as Keel after its lead plaintiff, bringing the total settlement fund for plaintiffs in the case to $11.5 million.
Turn up the volume on your real estate success at Inman On Tour: Nashville! Connect with industry trailblazers and top-tier speakers to gain powerful insights, cutting-edge strategies, and invaluable connections. Elevate your business and achieve your boldest goals — all with Music City magic. Register now.
Independent real estate brokerage Sibcy Cline is now a defendant in a relatively new commission lawsuit but has already reached a deal with the homeseller plaintiffs.
On Feb. 6, the plaintiffs in a case known as Keel after its lead plaintiff amended their complaint to add Sibcy Cline as a defendant, in addition to the firms named in the original Jan. 27 complaint: Side, Washington Fine Properties, Seven Gables Real Estate, First Team Real Estate — Orange County and Signature Properties of Huntington, among others.
The lawsuit against the latter defendants and a motion for preliminary approval of proposed settlements with the firms were filed the same day. That motion was granted on Feb. 4. The next day, the plaintiffs reached a deal with Sibcy Cline for $895,000, bringing the total Keel settlement fund amount to $11,465,000.
Sibcy Cline has more than 1,000 agents total in Ohio, Kentucky and Indiana. The plaintiffs filed a motion for preliminary approval of the settlement on Feb. 7.
“The Sibcy Cline Settlement is materially the same as all other settlements in this case that the Court approved,” the filing reads.
“As with the prior settlements, this Settlement was reached after an investigation of the Defendant’s financial condition and ability to pay a judgment or settlement. The Settlement is fair, reasonable, and…