McElroy, Deutsch & Mulvaney, LLP ("McElroy Deutsch"), Atlas Pearlman, P.A. ("Atlas Pearlman") and Zwerling, Schachter & Zwerling, LLP ("Zwerling Schachter") announced today that a class action lawsuit was filed, last week, in the Superior Court of New Jersey Law Division-Morris County on behalf of Century 21 franchisees as of January 1, 1995 and those who became franchisees subsequent to that date (the "franchisees").

The complaint alleges that the defendants, Cendant Corporation and Century 21 Real Estate Corporation, a wholly owned subsidiary of Cendant Corporation have: (1) breached their contracts with the franchisees; (2) violated the covenant of good faith and fair dealing with the franchisees; (3) violated Title 56:2-1 of the New Jersey Statutes, which prohibits unconscionable commercial practices, deception and fraud; and (4) have breached their fiduciary duties to the franchisees by diverting substantial sums of money away from the franchisees to other real estate entities controlled by Cendant.

McElroy, Deutsch & Mulvaney, LLP is a full service law firm with extensive experience in complex commercial litigation, which includes prosecuting and defending class action lawsuits. The firm has offices in New York, New Jersey and Colorado. The firm's attorneys appear before state and federal courts and appellate tribunals across the country.

Atlas Pearlman, P.A. is a Fort Lauderdale-based law firm with extensive experience in prosecuting class actions nationwide. The firm offers a broad range of professional services, including corporate/securities, trial and appellate litigation, employment law, health care, real estate, tax, estate and retirement planning, estate settlement and probate proceedings, franchising, regulatory compliance and white collar defense, domestic relations and bankruptcy. Its Fort Lauderdale office is located at 350 East Las Olas Blvd., Suite 1700, Fort Lauderdale, Florida 33301.

Zwerling Schachter specializes in prosecuting class actions. The firm currently plays a leading role in numerous major complex commercial litigations pending in federal and state courts and has offices in Seattle, Washington, New York City and Westbury, New York. The firm has been recognized by courts throughout the country as highly experienced and skilled in complex litigation particularly with respect to class actions. If you wish to discuss this action or have any questions, please contact Joseph P. LaSala at jlasala@mdmlaw.com, Louis A. Modugno at lmodugno@mdmlaw.com, Robin Campbell at Campbell@atlaslaw.com, Samantha Tesser at tesser@atlaslaw.com, Dan Drachler at ddrachler@zsz.com, or Robert S. Schachter at rschachter@zsz.com.

Published: February 8, 2002

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