Keller Williams has decided to put an end to its part in the Batton buyer-broker commission lawsuit, according to court documents and an announcement late Monday.

The Texas-based franchisor agreed to pay $20 million to settle the suit, the newly filed court documents reveal. The suit alleges that the National Association of Realtors, Anywhere Real Estate (now Compass International Holdings), REMAX and Keller Williams Realty participated in a “decades-long, nationwide antitrust conspiracy” that resulted in homebuyers paying “billions in overcharges.”

“Keller Williams is pleased to reach a nationwide settlement releasing the company — and all of our franchisees and affiliated agents and teams — from antitrust litigation brought by home buyers who purchased residential real estate that was listed on a [multiple listing service] during the relevant time period,” a KW spokesperson told Inman in an emailed statement. “Keller Williams has always been focused on building a place where entrepreneurs can thrive.”

“As we move past this settled lawsuit, all of us at Keller Williams are focused on what we do best: empowering our entrepreneurs to continue delivering exceptional value in this rapidly evolving market,” they added.

Batton has struggled to move through the court system, with the case split between Batton 1 and Batton 2.

Batton 1, which involves Keller Williams, was originally filed by New Jersey homebuyer Judah Leeder in January 2021. Batton 2, which involves Compass, Inc., eXp World Holdings, Inc., Redfin Corporation, Weichert Realtors, United Real Estate Group and Douglas Elliman Inc., was filed in November 2023 by Illinois homebuyer Mya Batton.

The first suit was renamed Batton 1 after Leeder stepped down as the lead plaintiff, and Batton became the class representative.

Batton 1 was dismissed in 2022 and refiled, and lost class-action certification status in November. NAR and the other defendants called the class-action status into question, saying that the class that plaintiffs in the Batton case were hoping to certify includes many individuals who are also class members in a separate case known as Sitzer | Burnett.

“The court’s order striking the Plaintiffs’ class certification motion rightly acknowledges that the Plaintiffs improperly attempted to certify a class that, as estimated by the plaintiffs, includes nearly 4 out of 5 individuals who are barred from participating in this case under the Sitzer | Burnett settlement,” an NAR spokesperson told Inman in November.

The plaintiffs can refile with a new proposed class, but that is no longer a worry for Keller Williams.

“We are the first defendant to resolve this litigation with the goal of eliminating uncertainty for our franchisees and agents,” Keller Williams CEO Chris Czarnecki said in an email to regional directors and division leaders. “We came to the decision to settle with careful consideration for the immediate and long-term well-being of our franchisees and agents, and the business model they depend on.”

“It was a decision to bring certainty and allow everyone at KW to focus on our mission without distractions,” he added. “It allows us all to turn our attention back to what we do best: delivering unparalleled value in an ever-evolving real estate market.”

A NAR spokesperson said KW’s settlement “does not directly affect NAR’s position in the Batton litigation” and that the Association will continue to “pursue all potential resolutions, both non-litigation and litigation, to reach a result that is in the best interest of our members, the industry and consumers.”

“We respect Keller Williams’ right to settle these claims and anticipated the possibility they would do so,” they said in an emailed statement. “NAR remains actively engaged in the Batton joint defense group, and we continue to defend our rules where questioned.”

Previous commission lawsuit settlements — including one Keller Williams struck in 2024 — have focused on lawsuits filed by homesellers. Those suits dominated real estate news in 2023 and 2024, and ultimately led to large payouts from industry players as well as rules changes that influence how agents do business.

Lawsuits from homebuyers have generated somewhat less attention, but continue to work their way through the courts.

Read the settlement details below:

Email Marian McPherson

Cambia Capital, a Seattle-based real estate investment firm focused on eco-friendly and sustainable real estate projects, announced the initial close of its Douglas Fir Fund with $20 million of initial investment. The milestone marks a significant step towards accelerating the transition of the built environment towards a net zero economy.

The fund will begin deploying invested capital, exclusively targeting residential real estate projects that are built beyond current code requirements to third-party certified, green-built, or equivalent standards. As a $200 million alternative investment vehicle, the fund will measure and report on the impact generated by its investments, thereby delivering verifiable ESG returns to its limited partners.

Cambia Capital was launched late last year by three former executives of the climate-friendly technology company Green Canopy NODE, Aaron Fairchild, Andy Wolverton, and Susan Fairchild. The trio has decades of experience delivering targeted rates of return, with a focus on making measurable impacts on transformative real estate projects throughout the Pacific Northwest.

The first luxury house sale of 2024 came from Pacific Palisades, rather than the typical locales in Malibu, Beverly Hills or Brentwood.

The mansion located at 211 Alma Real Drive traded for $20 million in an all-cash deal on the first business day of the year. 

The home was initially listed for $39 million in March 2023. During that year, it was on and off the market and went through a couple of price reductions. Before going under contract, it listed for $25 million. 

Based on more than a half-acre of land, the house, which stretches out to about 9,200 square feet, sold for about $2,169 per square foot.

Seller HSP211 LLC, linked to an entity named the Pardee Marital Trust, was represented by Christopher Damon and Joyce Rey of Coldwell Banker Realty, who joined the listing effort in September. The buyer was represented by Harrison Trachman and Andrianna Chakava of Coldwell Banker Realty. The buyer was not identified.

Rey said the New Year deal followed a spurt of activity in December. The market became more active last month when the Federal Reserve signaled it intends to decrease interest rates, she said. According to a report from brokerage Douglas Elliman, there was a 15 percent increase in signed contracts for luxury homes during December for the greater L.A. market.

While buyers have become more confident, concerns remain. 

“For sellers, the ULA (wealth transfer tax) remains a major topic and concern. Are they accepting it and not liking it? Yes,” Rey said.

The year’s first mega-deal follows a tough 2023 market across the country and in Pacific Palisades. In a year-over-year comparison, there was a 44 percent drop in sales for Pacific Palisades homes priced over $10 million. In 2023, 18 homes priced at $10 million or higher sold in the Palisades. In 2022, 32 homes priced above that threshold traded, according to research from Amalfi Estates, a luxury agency headquartered in Pacific Palisades. 

As for the listing’s price reductions, the high price may have been aspirational, said Anthony Marguleas, founder of Amalfi Estates. 

“It is not uncommon for closings to go for 50 percent to 60 percent below the original asking price,” he said.

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Snap has received $20 million from the state to expand its offices in Santa Monica, Palo Alto and perhaps San Francisco, as well as manufacturing plants for augmented reality devices.

The Santa Monica-based parent of social media platform Snapchat received the grant last month as part of $149 million in grants and tax credits doled out to 12 companies, with a large portion going to Los Angeles-area businesses, the Los Angeles Business Journal reported.

With its $20 million grant, Snap must create 508 new jobs by the 2027 tax year, according to the Business Journal. It must also sink at least $10 million towards “facility construction and/or renovation,” or have its project take place in an area of high unemployment or poverty. 

The agreement specifically states that the funds must go towards advancing manufacturing capabilities for Snap’s AR devices. 

The California Competes Grant and the California Competes Tax Credit are available to businesses that want “to locate or stay and grow in California.” They aim to attract jobs and private investment.

In addition to Snap, Long Beach-based aerospace company AIBOT US received a grant for $15 million. The latest round of grants and tax credits is projected to draw $1.3 billion of private investment to the state, while creating 6,000 jobs.

Snap’s grant disbursement will begin in the 2025 tax year. The firm has offices in Santa Monica and Palo Alto. plus a pending return to San Francisco.

This month, Snap pondered whether to slash its office expansion around its headquarters in Santa Monica Business Park at 2772 Donald Douglas Loop N by as much as 300,000 square feet.

In 2017, Snap signed a 10-year lease for around 300,000 square feet for its new headquarters at Santa Monica Business Park, within the broader tech hub known as Silicon Beach.

In 2021, the firm expanded its corporate base by another 140,000 square feet, while taking over more than 65 percent of the space vacated by Activision Blizzard, according to the Observer.

Last year, Snap announced it would lay off 20 percent of its workforce, while “reducing” its investment in real estate to cut costs. A TRD analysis found the company had ended 2021 with 1.4 million square feet.

A few months later, Snap told workers they must report to the office four days a week, according to Bloomberg.

In 2016, Snap unveiled a device called Spectacles, a wearable camera installed in a pair of sunglasses that can connect to the company’s Snapchat application and record video. The newest generation of Spectacles includes AR, and is only available to programmers and app developers.

— Dana Bartholomew