$45M Appraisal Suit Against CBRE Downsized

Law360, New York (February 28, 2012, 8:11 PM EST) -- A Florida federal judge on Tuesday trimmed a $45 million suit by an investment firm accusing real estate services firm CB Richard Ellis Inc. of providing misleading appraisals that inflated the value of a British West Indies property for which the investment firm had loaned $72 million to developers.

U.S. District Judge Jose E. Martinez tossed the negligence claims against CBRE by the Trinidad and Tobago Unit Trust Corp. but allowed its fraudulent misrepresentation claim to proceed, stating that the firm had sufficiently alleged that CBRE...
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