11:17 AM EDT, 04/29/2024 (MT Newswires) -- Douglas Elliman ( DOUG ) said Monday it agreed to pay up to $17.75 million to resolve pending class action litigation associated with real estate brokerage fees in the Gibson and Umpa cases pending in the Western District of Missouri.

The company said it will pay $7.8 million in 30 business days of preliminary approval of the settlement by the court and up to two additional $5 million contingent payments from Dec. 31, 2025, to Dec. 31, 2027.

The settlement agreement, which remains subject to initial and final court approval, isn't an admission of liability or validity of any claim, the company said.

Shares of the company rose 4.2% in recent trading Monday.

Price: 1.24, Change: +0.05, Percent Change: +4.20