On Aug. 1, the Appraisal Institute (AI) issued a media statement regarding litigation brought against AI by its former CEO, Cindy Chance, alleging wrongful termination.
“The Appraisal Institute has reached a resolution in litigation brought by its former Chief Executive Officer Cynthia Chance,” the statement read. “While Chance alleged her termination was retaliatory, the organization firmly disagrees with those claims. Nonetheless, the Appraisal Institute believes that resolving the matter is in the best interest of the organization, its members, and the broader real estate finance system.”
AI’s Communications and Marketing office confirmed that AI settled the lawsuit with Chance, but said terms of the settlement were not available.
Chance did not immediately respond to a request for comment. She had filed suit against AI claiming sexual harassment and retaliation.
In part, AI’s statement about resolving the litigation said it reinforces commitment to public trust and professional standards.
“The Appraisal Institute remains steadfast in its dedication to upholding high levels of public trust, protecting the interests of chapters and members and advancing the appraisal profession,” the statement concluded.