eXp Director Jason Gesing to Leave Board; Company Named in California Commission Suit

eXp World Holdings, Inc., parent of eXp Realty, disclosed in a Form 8-K filed December 15, 2023 that director Jason Gesing notified the board on December 11 that he intends to resign from the board effective January 10, 2024, or earlier if a replacement is appointed. Gesing, a former chief executive of eXp Realty, will remain with the company as chief industry relations officer, a non-executive officer role. The company said his resignation was not the result of any disagreement.

eXp also said it was named as a defendant in Grace v. The National Association of Realtors, a putative class action filed December 8 in the U.S. District Court for the Northern District of California. The suit, brought on behalf of sellers who listed homes on the Bay Area Real Estate Information Service, alleges that NAR, regional Realtor associations and brokerages conspired to make sellers pay buyer-broker fees and inflated commissions in violation of federal and California antitrust and unfair competition laws, and seeks treble damages and an injunction.

The suit was at least the third commission-related class action naming eXp since late October 2023, and the company again warned that more antitrust litigation was possible.