Industry News

Realogy announces proposed settlement of litigation

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Real estate giant Realogy Corp. (NYSE: H) today announced an agreement to settle "purported consolidated class-action litigation" that followed the announcement of a proposed buyout by affiliates of private equity firm Apollo Management. That deal is worth about $9 billion. Realogy and Apollo have entered into a memorandum of understanding in an effort to resolve the complaint, Realogy announced today, while denying wrongdoing or liability. The agreement is intended "to avoid the burden and expense of further litigation," according to the announcement. Last year, Realogy formed as an independent company through a spinoff of Cendant Corp.'s real estate division. Realogy's company-owned and franchise brands include Coldwell Banker, Century 21, ERA and Sotheby's International Realty. The merger proposal was announced in December. The agreement with the parties who brought the complaint provides for more disclosures in the documentation for the proposed merger, a limit of $180 million f...