Redfin to Pay $9.25M Settlement Fee in Gibson Lawsuit

Redfin will pay $9.25 million as part of a settlement agreement reached with home seller plaintiffs in the class-action lawsuit known as Gibson.

Redfin was not part of the NAR settlement approved in April, but is one of 88 brokerages that have the option to opt into the settlement until the deadline of June 18. Several other brokerages named in the Gibson lawsuit have already agreed to settle.

Glenn Kelman, CEO at Redfin, said:

"As the only U.S. brokerage that has saved consumers more than $1.5 billion in fees, Redfin never belonged as a defendant in this litigation, and we’re glad to have settled it.

"We always have been, and always will be, advocates for transparency and saving consumers money, directly selling homes to buyers to bring down fees, and broadly publishing commission data so consumers understand how much they are paying.

"Resolving this litigation now and removing uncertainty is in the best interest of the company, our employees and our investors."

Redfin will likely include the $9.25M in its Q1 accounts set for release later today.