After four months of litigation, Wendy Maitland has reached a settlement with her former firm, Town Residential.
Maitland, now at Brown Harris Stevens, alleged that former Town co-owner Joseph Sitt withheld funds from the company, a move that caused agents to leave and cost it a new development exclusive. She also claimed his actions had watered down the price the company could fetch if it were sold, reducing her upside from a prospective sale.
She also claimed she should have been allowed out of her noncompete with Town, since brokerage was her only means of earning money to support her family.
As part of the settlement, the complete terms of which were not disclosed, Maitland will be permitted to continue her work for BHS , where she recently took a position as a resale and new development broker. In a statement, Town founder and CEO Andrew Heiberger said that no money had changed hands under the settlement agreement.
“With the conclusion of this matter, we can focus solely on the exciting fall season and the firm’s continued success,” he said.
In a statement, Maitland said she wished Town success. “I’m thrilled that the case has been settled and wish all of the people at Town the best of luck always. I look forward to the next chapter of my career doing what I love,” she said.
In July, Heiberger took full control of Town after buying Sitt out of his 50 percent stake in the company.