Compass, Inc. Files 8-K Report

TL;DR

Compass Inc. filed a routine 8-K, no major news.

AI Summary

On March 21, 2024, Compass, Inc. filed an 8-K report to disclose information under Regulation FD. The filing does not contain specific financial figures or material events beyond the standard reporting requirements for this form.

Why It Matters

This filing indicates Compass, Inc. is adhering to its regulatory reporting obligations with the SEC, which is standard practice for publicly traded companies.

Risk Assessment

Risk Level: low — The filing is a standard 8-K report for regulatory compliance and does not disclose any new material information that would inherently increase risk.

Key Players & Entities

• Compass, Inc. (company) — Registrant
• Urban Compass, Inc. (company) — Former company name
• 0001563190-24-000053 (filing_id) — Accession Number

FAQ

Key Financial Figures

• $0.00001 — hich Registered Class A Common Stock, $0.00001 par value per share COMP The New York S
• $57.5 million — nt Agreement, the Company agreed to pay $57.5 million (the "Settlement Amount") into a qualif

Filing Documents

• comp-20240321.htm (8-K) — 42KB
• 0001563190-24-000053.txt ( ) — 165KB
• comp-20240321.xsd (EX-101.SCH) — 2KB
• comp-20240321_lab.xml (EX-101.LAB) — 21KB
• comp-20240321_pre.xml (EX-101.PRE) — 12KB
• comp-20240321_htm.xml (XML) — 3KB

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. On March 21, 2024, Compass, Inc. (the "Company") entered into a settlement agreement (the "Settlement Agreement") to resolve on a nationwide basis the pending class action litigations, Umpa v. NAR, 4:23-cv-00945 (W.D. Mo.) and Gibson v. NAR, No. 4:23-cv-00788-FJG (W.D. Mo.) (the "Lawsuits"). The settlement resolves all claims in the Lawsuits and similar claims in other lawsuits alleging claims on behalf of sellers on a nationwide basis against the Company and its subsidiaries (collectively, the "Claims") and releases the Company, its subsidiaries and affiliated agents from the Claims. The proposed settlement is not an admission of liability, nor does the Company concede or validate any of the claims asserted against it. Under the Settlement Agreement, the Company agreed to pay $57.5 million (the "Settlement Amount") into a qualified settlement fund, as follows: 50% of the Settlement Amount within 30 days of the court's preliminary approval of the Settlement Agreement, which the Company expects to be in the second quarter of 2024, and the remaining 50% within one year of the court's preliminary approval. The Company expects to record a $57.5 million pre-tax charge for the Settlement Amount during the quarter ending March 31, 2024. The Company does not expect the terms of the proposed settlement to have a material impact on its future operations. In addition, the Company agreed to make certain changes to its business practices, including: reminding its owned brokerages and agents that the Company has no rule requiring agents to make or accept offers of compensation; requiring its owned brokerages and their agents to clearly disclose to clients that commissions are not set by law and are fully negotiable; prohibiting its owned brokerages and buyer agents from claiming buyer agent services are free; requiring its owned brokerages and their agents to include the listing broker's offer of compensation for prospective buyers' ag

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. COMPASS, INC. Date: March 22, 2024 By: /s/ Kalani Reelitz Kalani Reelitz Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR