https://www.wsj.com/articles/calpers...el-11568755606
It appears CIM’s ouster was because of a lack of performance.
According to the Wall Street Journal, an outside consultant expressed concern about the
former developer CIM performance. CIM failed to deliver as much as $41 million in
rebates that were negotiated as part of the nine-year-old agreement. In addition, about
$41 million, a previously unreported figure, remains to be paid by CIM Group to Calpers
on a total $50 million in fee rebates promised under a 2010 agreement.