$100M CBRE Embezzlement Scheme Class Deal OK’d

CBRE Inc. and others will pay investors in six Florida commercial properties $100 million to settle embezzlement allegations under a class settlement granted final approval Nov. 9.

“The settlement amount exceeds the class’s investment amount by roughly $15 million and translates to 71.6% of the class’s best-case scenario on damages,” Judge William P. Dimitrouleas wrote for the U.S. District Court for the Southern District of Florida.

The court awarded class counsel $33 million, one-third of the settlement fund, in attorneys’ fees, and $1.7 million in costs. Two class representative will get incentive awards of $50,000 each.

The investors became victims ...