RE/MAX and Smythe, Cramer Settle Dispute

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The issue was over special notice letters
RISMEDIA, July 25-RE/MAX International, Inc. and Smythe, Cramer Co. have announced the settlement of a dispute between them regarding a prior settlement agreement reached in 2000, which had resolved several years of antitrust litigation over special notice letters from Smythe, Cramer and another real estate company to RE/MAX offices.

Special notice letters are the means by which a listing real estate broker notifies another broker that the listing broker will share commissions from sales of its listed properties with the other broker in an amount different from that published generally for brokers in the Multiple Listing Service.

The new settlement provides that Smythe, Cramer will not issue a special notice letter to a RE/MAX office based on its affiliation with RE/MAX, its use of the RE/MAX business model or its recruitment of current or former Smythe, Cramer agents. Smythe, Cramer may, however, issue a special notice letter to a RE/MAX office for any other reason pursuant to Smythe, Cramer’s policies and practices applicable to all brokers in Northeast Ohio. The settlement agreement’s provisions have a maximum term until December 31, 2007.

Both companies say they are pleased to put the pending litigation behind them and are looking forward to continued cooperation of RE/MAX and Smythe, Cramer offices in transactions between their respective residential real estate customers and clients.

For more information, visit www.remax.com

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