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CBRE files lawsuit against former executive for 'stealing trade secrets'

CBRE Group Inc. has sued Richard Rizika, a former vice chairman of the retail group, for stealing about 500,000 files of proprietary information and trade secrets before his departure in February to establish his own company, Bloomberg News reported, citing a complaint filed in a Los Angeles federal court.

Rizika, who served as a broker with the commercial real estate services and investment company for more than 30 years, stands accused of downloading rent rolls, stacking plans, broker opinions, contracts, marketing plans and financial information to launch his own company, with the help of his former team members, according to the news outlet.

Rizika could not be reached for a comment on the matter, Bloomberg added.

According to a report by The Real Deal, the former executive's core group members, Mitchell Hernandez and Alexander Saks, left CBRE on Feb. 23, the same day as Rizika, to join his new brokerage, Beta Retail Agency. The report added that as of March 1, 11 other CBRE brokers and employees resigned to join Rizika's brokerage.