Zillow agrees to pay $212.5M to settle investor lawsuit over failed home-flipping business
Zillow reached a $212.5 million settlement to resolve a class action lawsuit filed by shareholders over its handling of Zillow Offers, with about $48 million covered by insurance. The settlement, disclosed in an SEC filing, requires court approval and includes no admission of wrongdoing. The deal comes after the U.S. Supreme Court declined to hear Zillow's challenge to the case's class status.
Key points
- Settlement requires court approval but no wrongdoing admission
- $48 million of the $212.5M payment comes from insurance
- Zillow Offers home-flipping business was shut down in 2021
- Separate derivative lawsuits against company leaders remain pending
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