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Subsequent Event | 6 Months Ended
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Jun. 30, 2018
Subsequent Events [Abstract] |
Subsequent Event |
15. | Subsequent Event
In June 2016, CBRE was named as a defendant in a class action lawsuit relating to its role as property manager of certain real estate investment properties owned by the plaintiffs in Florida. CBRE started managing these various properties between July 2005 and March 2007, and CBRE ceased managing these properties in January 2011. The third-party sponsors of such investment properties inappropriately managed funds for the plaintiffs which resulted in losses, used some of these funds for personal purposes, and were imprisoned for their conduct. Since the third-party sponsors could not answer financially for the resulting losses to the plaintiffs, the plaintiffs made claims against CBRE generally alleging that CBRE should have prevented the fraud perpetuated by the third-party sponsors with respect to the properties managed by CBRE. On August 3, 2018, we reached a tentative settlement agreement regarding this proceeding, which agreement is subject to negotiation of definitive settlement documentation and court approval, including the payment of $100 million to the plaintiffs. We expect that such settlement payment will be funded principally by insurance coverage.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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