CBRE To Pay $100M To End Class Action By Realty Investors
Law360 (August 22, 2018, 6:41 PM EDT) -- A class of real estate investors asked a federal judge in Florida Wednesday to approve a $100 million settlement of their case accusing property management giant CBRE and one of its employees of aiding in a multimillion-dollar embezzlement.
The settlement amount, to be distributed among the 179-member class, is 71.6 percent of the plaintiffs’ total damages, according to the motion for preliminary approval. That makes it a “truly exceptional” outcome given the fact that studies show that class action settlements normally recover less than 10 percent of the class members’ total estimated losses, the motion states.
“Because the amounts of money embezzled...
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