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Realogy puts Homestore behind it

Settlement extricates Realogy, CEO from legal battle

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Editor's note: The series has been corrected and amended in response to requested corrections, clarifying statements and additional information brought forward by lawyers for Realogy and Richard A. Smith. This is the first of a two-part series on a legal settlement resolving the alleged involvement of Realogy Corp.'s predecessor, Cendant, in inflating the revenue of operator Homestore (now Move Inc.). This article details the terms of the settlement, and the reasons each side gave for agreeing to end a 6 1/2-year-long court battle. Part 2 examines aspects of deals between Cendant and Homestore that Homestore investors would later claim were concealed from them. Realogy Corp. and Chief Executive Officer Richard A. Smith have extricated themselves from a legal battle over the alleged role of their former parent company in one of the most notorious episodes of the dot-com bust. Smith and Realogy's former parent company, Cendant Corp., were accused in a class-act...