Repro -
Go into Mediabay / Loop or Sound Browser
Select a file or folder within the file system in the left hand panel (Under Define Locations)
Move it to a new position within the file system.
You get a dialogue box asking if you want to move or copy.
Select either.
The item is moved / copied to the new location correctly within the computers file system, but this is not reflected within Cubase until you close and re-open the Mediabay / Browser window.
This has been this way since mediabay was introduced - at least on a mac.