CWK - Cushman & Wakefield found in contempt of court regarding Trump probe

Cushman & Wakefield ( NYSE: CWK ) stock is dropping 3.9% after the real estate services was found to be in contempt of court by a New York judge for refusing to comply with subpoenas issued as part of the New York State Attorney General's investigation into the Trump Organization, CNBC reported Wednesday.

The real estate services giant is being fined $10K a day, starting Wednesday, until it complies with the subpoenas, the office of the Attorney General told CNBC.

The order from Manhattan Supreme Court Judge Arther Engoron was issued Tuesday night, less than a week after he lifted a contempt order against Donald Trump himself.

Both orders are related to the state attorney general's office investigation into whether the Trump Organization improperly inflated stated valuations of some of its real estate assets for financial gain, CNBC said.

Cushman & Wakefield ( CWK ) did not immediately respond to Seeking Alpha when asked for a comment. A company spokesman told CNBC that the the company will appeal the decision as it "disagrees with any suggestion that the firm has not exercised diligence and good faith in complying with the court’s order." The statement added that the company had produced hundreds of thousands of pages of documents since February 2022.

Last week, Cushman & Wakefield ( CWK ) and Newmark Group ( NMRK ) were reported to have not been involved in talks about a potential merger.

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