Century 21 fired off a quick response to opposing counsel’s press release (read CENTURY 21: Franchise Lawsuit Granted Class Action Status) regarding class-action status being granted to its franchisee lawsuit.
In the lawsuit, current and former Century 21 franchise owners allege that after purchasing Century 21 in 1995, parent company Cendant misused franchisee proceeds and resources. The Defendants claim “The assertions put forth in this litigation are unfounded and without merit.”
Here is the press release issued by the Realogy, the Cendant spin-off that currently owns Century 21. Comments and opinions are invited below.
Realogy Rejects Plaintiffs’ Comments on Eight-Year-Old Lawsuit Filed in New Jersey
PARSIPPANY, NJ, Aug 18, 2010 (MARKETWIRE via COMTEX) — Realogy Corporation, a global provider of real estate and relocation services, issued the following response to a press release issued by opposing counsel for pending litigation in the New Jersey Superior Court:
The assertions put forth in this litigation are unfounded and without merit. We have capably managed the CENTURY 21 brand since its acquisition in 1995 and have continuously enhanced the brand through many market cycles, including the worst downturn in housing in the history of our country. Throughout, Century 21 Real Estate LLC has maintained its position as the world’s largest residential real estate brand with the most recognized name in real estate. The company has remained focused on the continued growth and development of its CENTURY 21 franchise system.
The claims in this 2002 lawsuit were without merit, and they remain so today. We will aggressively defend against these erroneous claims. This is a class action in which the complaint does not properly reflect the strong relationships we have with our current franchisees.
About Realogy Corporation Realogy Corporation, a global provider of real estate and relocation services, has a diversified business model that includes real estate franchising, brokerage, relocation and title services. Realogy’s world-renowned brands and business units include Better Homes and Gardens(R) Real Estate, CENTURY 21(R), Coldwell Banker(R), Coldwell Banker Commercial(R), The Corcoran Group(R), ERA(R), Sotheby’s International Realty(R), NRT LLC, Cartus and Title Resource Group. Collectively, Realogy’s franchise systems have approximately 14,400 offices and 264,000 sales associates doing business in 99 countries around the world. Headquartered in Parsippany, N.J., Realogy (www.realogy.com) is owned by affiliates of Apollo Management, L.P., a leading private equity and capital markets investor.
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