Judge Ejects Class Action Against David J. Stern's Foreclosure Company

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Judge Ejects Class Action Against David J. Stern’s Foreclosure Company

Judge Ejects Class Action Against David J. Stern’s Foreclosure Company

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A Broward Circuit Court judge has thrown out a proposed class action lawsuit against former foreclosure king David Stern and his company, DJSP Enterprises Inc., that was previously dismissed by a federal judge.

Judge Jack Tuter on Friday granted summary judgment to DJSP, Stern and Kumar Gursahaney, the company’s former chief financial officer, treasurer and executive vice president. They were sued by former shareholders: hedge fund Philadelphia Financial Management of San Francisco LLC and Blue Lion Masters Fund, a Cayman Islands limited partnership.

The lawsuit alleged the hedge funds lost nearly $7 million on their DJSP shares because Stern and Gursahaney failed to disclose adverse information about the condition of the company, which led to artificially inflated share prices. The causes of action were common law fraud and common law negligent misrepresentation.

Read more: http://www.dailybusinessreview.com/id=1202746666245/Judge-Ejects-Class-Action-Against-Sterns-Foreclosure-Company#ixzz3wsCgPlKq

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2 Responses to “Judge Ejects Class Action Against David J. Stern’s Foreclosure Company”

  1. crittermom says:

    Elaine, I wholeheartedly agree with you about our judicial system. A Federal Court threw this out first? I guess it’s along the same lines as no banksters being prosecuted, either. The govt, including the courts, seem to be in fear of any repercussions from Wall St if they make rulings that could open any doors to harm them. David Stern must have been very friendly with those higher up the ladder in the financial industry to get that judicial decision, as the “average” citizen would have been prosecuted to the fullest extent with such evidence.
    Wall Street has taken over our country & I’m hoping this upcoming election speaks for the citizens, instead, as we cry “foul!” & “enough is enough!”.

  2. anonymous says:

    Stern had heavily bribed the judge for a very long time so the judge himself was too dirty.

    In this website search for Judge Dale and read his book.
    He explained that judges get 10% bribes from every foreclosure which hits their courts.

    AntiCorruption Society
    http://anticorruptionsociety.com/

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