Jonathan Stempel / Reuters : Zillow agrees to pay $212.5M to settle an investor class action over its failed Zillow Offers home-flipping venture, after SCOTUS refused to hear its appeal — Zillow (ZG.O) said on Wednesday it will pay $212.5 million in cash to settle a class action accusing the online real estate marketplace …
Zillow agrees to pay $212.5M to settle an investor class action over its failed Zillow Offers home-flipping venture, after SCOTUS refused to hear its appeal (Jonathan Stempel/Reuters)
In short
Zillow announced on Wednesday that it reached an agreement to resolve an investor class action lawsuit. Under the terms of the settlement, the company will pay out $212.5 million in cash to satisfy the claims. The litigation originated from allegations concerning the failure of the company's Zillow Offers home-flipping venture. The pact formally concludes the legal dispute after the U.S. Supreme Court refused to take up Zillow's appeal.
Key points
- The settlement follows a refusal by the U.S. Supreme Court to hear Zillow's appeal.: The settlement follows a refusal by the U.S. Supreme Court to hear Zillow's appeal.
- Investors targeted the company with legal action after the failure of its direct home-fli…: Investors targeted the company with legal action after the failure of its direct home-flipping operations.
- The cash agreement provides a resolution to the investor class action facing the online r…: The cash agreement provides a resolution to the investor class action facing the online real estate marketplace.