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Brokerpriceopinion.com, Inc., First Valuation, LLC, First Valuation Services, LLC, First
Valuation Technology, LLC, Cartel Asset Management, LLC, Walter Coats, and ValuTech,
Inc. (“Brokerprice” or “Defendants”) have agreed to pay $1,020,000 to cover payments to
persons who completed broker price opinions on Brokerprice’s behalf but were not paid for
their services in accordance with their payment terms. Brokerprice will pay this amount in
several installments over the course of four years.
Brokerprice also agreed to change its business practices to timely pay brokers for every broker
price opinion they complete within ninety days. Brokerprice agreed to maintain a reserve fund
of $240,000 to ensure that brokers are timely paid. Brokerprice agreed not to use calling scripts,
standardized emails or other communications in an attempt to delay payment or alter payment
terms for BPOs. Brokerprice agreed to employ a compliance manager who shall review
training material, train staff, and oversee vendor payment practices.
The Settlement resolves a lawsuit involving allegations that Brokerprice breached contractual
agreements with real estate professionals by failing to pay brokers in accordance with the terms
of those agreements. The lawsuit also alleges that Defendants were unjustly enriched by failing
to pay real estate professionals for broker price opinions.
Court-appointed lawyers for the class (“Class Counsel”) will ask the Court for up to $500,000
to compensate them for the fees and costs they incurred prosecuting this action. The two Class
Representatives will ask the Court for up to $5,000 each to compensate them for their time and
efforts on behalf of the Class.
Brokerprice denies all allegations of wrongdoing in the lawsuit. As part of the proposed
Settlement, Brokerprice does not admit to any wrongdoing and continues to deny the
allegations against it.
The two sides disagree on whether Plaintiffs and the Class could have won at trial.