This Just In: Cendant, HomeStore.com Settle Suit

December 1, 1999

Cendant Corp. has settled its suit against HomeStore.com and reaffirmed the companies’ earlier agreements. The settlement gives Cendant 250,000 shares of HomeStore stock. The agreements require Cendant to endorse and help promote HomeStore products and to give HomeStore exclusive third-party license to use the listings of the company’s three franchises, Century 21, Coldwell Banker, and ERA.

The $300 million suit, filed in July, charged HomeStore with breach of contract for failing to negotiate an equity participation for Cendant in HomeStore before its initial public offering of stock. HomeStore operates REALTOR.COM, NAR’s official Web site.

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