Century 21 Real Estate Corporation and Re/Max International, Inc Announce Settlement of Outstanding Litigation

Business Wire, April 16, 1999

PARSIPPANY, N.J.--(BUSINESS WIRE)--April 16, 1999--

Century 21 Real Estate Corporation and Re/Max International, Inc. have agreed to the settlement of a series of actions between the two real estate companies challenging their respective advertising practices that was initiated by Century 21's prior ownership approximately six years ago. The parties have agreed to mutually acceptable terms without any admission of liability by either party. While the terms of the settlement are confidential, and will not be disclosed by either party, Century 21 has agreed to reimburse Re/Max for a portion of the costs it incurred in litigating the various lawsuits between the two real estate companies.

This settlement resolves all claims asserted by Century 21's former ownership against Re/Max as well as all claims asserted by Re/Max and its affiliates against Century 21, in various state and federal actions pending throughout the country. Management of each company believe that this development is a sign of improved relations between the two companies and will allow each to focus all of its energy on the real estate business.