Important Update: The Court held a Fairness Hearing on May 18, 2018 and granted Final Approval in an order entered on September 20, 2018. Settlement payments from the First Distribution were mailed to eligible Class Members on December 17, 2018. For more details regarding distribution, including the schedule of payments, please refer to FAQ 8.
UNITED STATES DISTRICT COURT FOR THE DISTRICT OF COLORADO
If you have completed broker price opinions on behalf of Brokerpriceopinion.com, Inc., First Valuation, LLC, First Valuation Services, LLC, First Valuation Technology, LLC, Cartel Asset Management, LLC, Walter Coats, or ValuTech, Inc. since December 2, 2007 and have not been paid for your services, you could get a payment from a class action settlement.
A court authorized this Notice. This is not a solicitation from a lawyer.
What is the Settlement about?
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.
Your legal rights are affected whether you act, or don’t act.
Your Legal Rights and Options in this Settlement
|Submit a Claim Form by October 31, 2017
||This is the only way to receive a payment.
|Exclude Yourself by October 31, 2017
||Get no payment. This is the only option that allows you to ever be part of any other lawsuit against Brokerprice about the legal claims in this case.
|Object by October 31, 2017
||Write the Court explaining why you don't like the Settlement.
|Attend a Hearing
||Ask to speak in Court about the fairness of the Settlement. The Court has scheduled the Final Approval Hearing for May 18, 2018 at 2:30 P.M. Mountain Time. The location is the Alfred A. Arraj United States Courthouse, Courtroom A701, Denver, Colorado 80294.
||Get no payment. Give up rights.
These rights and options — and the deadlines to exercise them — are explained in the Notice, available on the Important Documents page, and on the FAQs page of this website.