CBRE (NYSE:CBRE) agreed to settle with the Securities and Exchange Commission over charges that the commercial real estate service firm violated the SEC's whistleblower protection rule.

The SEC alleged that between 2011 and 2022, as a condition of receiving separation pay, CBRE (CBRE) employees were required to sign a release attesting that they had not filed a complaint against CBRE with any federal agency. "By conditioning separation pay on employees' signing the release, CBRE took action to imped potential whistleblowers from reporting complaints to the commission," the SEC said.

Once the commission told CBRE (CBRE) about the investigation, the company cooperated with SEC staff and started taking remedial action, including revising all versions of its domestic releases and similar agreements for compliance with the whistleblower protection rule. The company also communicated with more than 800 of its employees who had signed the release, clarifying their protections, including their right to communicate directly with SEC staff about any potential violation of federal securities law, the SEC said.

Without admitting or denying the SEC's findings, CBRE (CBRE) consented to cease and desist from committing or causing any violations of the same whistleblower protection rule. It also agreed to pay a civil penalty of $375K. CBRE's cooperation and remedial action were taken into consideration when the SEC accepted the CBRE settlement offer.

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