BrokerPriceOpinion.com Payment Failure Class Action Settlement

A $1.57 million settlement has been proposed in a class action lawsuit alleging BrokerPriceOpinion.com Inc., First Valuation LLC, First Valuation Services LLC, First Valuation Technology LLC, Cartel Asset Management LLC, Walter Coats and ValuTech Inc., which operate the website BrokerPriceOpinion.com, failed to pay brokers for BPOs they completed on the defendants’ behalf.

If you completed broker price opinions on behalf of BrokerPriceOpinion, First Valuation, Cartel Asset Management, Walter Coats or ValuTech since Dec. 2, 2007 and have not been paid for your services, you may be entitled to compensation from the class action settlement.

BrokerPriceOpinion.com is a website that provides real estate valuation data. The defendants reportedly advertise that their network of more than 95,000 licensed brokers and appraisers provide its “industry-leading” broker price opinions.

The proposed BrokerPriceOpinion settlement will resolve a class action lawsuit alleging the defendants breached contractual agreements with real estate professionals by failing to pay brokers according to the terms of the agreements.

The BrokerPriceOpinion class action lawsuit also alleges the defendants were unjustly enriched by their failure to pay for the broker price opinions.

The plaintiffs allege that more than 15,600 licensed real estate professionals have performed work for BrokerPriceOpinion but have not been paid in accordance with the defendants’ payment terms. According to the BrokerPriceOpinion class action lawsuit, the defendants owe licensed real estate professionals amounts ranging from several hundred dollars to several thousand dollars.

In addition to offering payment to eligible Class Members, BrokerPriceOpinion has also agreed to change its business practices to pay brokers within 90 days for every broker price opinion they complete. BrokerPriceOpinion also agreed not to use standardized calling scripts, emails, or other communications in attempt to delay payment or change payment terms for broker price opinions.

The defendants deny any wrongdoing but agreed to settle the BrokerPriceOpinion class action lawsuit to avoid the burden and expense of ongoing litigation.

Class Members who would like to opt out of or object to the BrokerPriceOpinion class action settlement must do so no later than Oct. 31, 2017.

Who’s Eligible

Class Members of the BrokerPriceOpinion settlement include: “All persons and entities who provided 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. between Dec. 2, 2007 and the date of preliminary approval and who have not been paid for their services in accordance with Defendants’ terms of payment.”

The BrokerPriceOpinion class action settlement received preliminary approval on Aug. 2, 2017.

Potential Award

Varies.

The settlement money will be distributed to claimants on a pro rata basis. The actual amount each Class Member will receive depends on the total number of Class Members who file timely and valid Claim Forms.

NOTE: Payment will be made in nearly yearly distributions over a period of five years. The first payment will occur within 40 days following the BrokerPriceOpinion settlement’s effective date.

Proof of Purchase

N/A

Claim Form

CLICK HERE TO FILE A CLAIM »

Claim Form Deadline

10/31/2017

Case Name

Wornicki v. BrokerPriceOpinion.com, Case No. 1:13-cv-03258-PAB-KMT, in the U.S. District Court for the District of Colorado

Final Hearing

5/18/2018  UPDATED

UPDATE: The BrokerPriceOpinion.com Payment Failure Class Action Settlement was granted final approval on September 28, 2018.  Let Top Class Actions know when you receive a check in the comments section below or on our Facebook page.

UPDATE 2: According to the settlement website, defendants have failed to make their scheduled payment into the settlement fund. The settlement administrator will provide more information as it becomes available. We appreciate your ongoing patience. Top Class Actions will continue to provide updates as we learn more.

Settlement Website

www.BrokerPriceSettlement.com

Claims Administrator

Brokerpriceopinion Settlement
Claims Administrator – JND
P.O. Box 6878
Broomfield, CO 80021
1-888-551-9797

Class Counsel

Beth E. Terrell
Jennifer Rust Murray
TERRELL MARSHALL LAW GROUP

Jeffrey A. Berens
BERENS LAW GROUP

Stefan Coleman
THE LAW OFFICES OF STEFAN COLEMAN LLC

Defense Counsel

Glenn W. Merrick
Joseph T. Bernstein
G.W. MERRICK & ASSOCIATES LLC