CIM Group sues Cantor Fitzgerald over CMBS fees

CIM Group has reportedly sued Cantor Fitzgerald, alleging that the latter firm collected $37.3m in excess fees through Cantor Commercial Real Estate (CCRE), a top CMBS shop that the joint venture formed in 2010. Over the past year Cantor Fitzgerald used CCRE as “a vehicle for unauthorized self-dealing in flagrant disregard of its obligations” under an agreement binding the firms under Delaware law, CIM claimed in a lawsuit filed in Delaware state court.