Report: Jury Orders Raveis to Pay $5M in Agent Poaching Case
Real Estate In-Depth | June 2017
NEW YORK—A civil jury has awarded Douglas Elliman approximately $5 million in damages in its court battle with rival brokerage firm William Raveis over allegations Raveis poached Elliman agents to its Armonk office, according to a report in the Real Deal.
The trade publication reported that the jury awarded the monetary damages on Tuesday in connection with a lawsuit brought by New York City-based Elliman against William Raveis and a former manager in 2015 for allegedly conspiring to “decimate” its Armonk branch by secretly recruiting some of its top producers. Elliman charged in its lawsuit that Raveis poached 10 agents, including four top producers from Elliman, according to the published report.
Douglas Elliman, in a press statement, reported that the jury returned a $2.25-million verdict, along with an additional $2.5 million in punitive damages against the Raveis firm.
According to the Real Deal, Elliman Chairman Howard Lorber said in a statement that he was pleased the jury rectified Raveis’ “egregious and outrageous actions.” Representatives for Raveis could not immediately be reached for comment. See story in the Real Deal.