Daily Archives: January 9, 2016

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

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.

The suit alleged the same causes of action as the federal suit, Tuter noted. Additionally, he said, “The record is devoid of competent substantial evidence suggesting that evidence was fraudulently concealed or that such evidence could not have been discovered with due diligence.”

Read more: http://www.dailybusinessreview.com/id=1202746666245/Judge-Ejects-Class-Action-Against-Sterns-Foreclosure-Company#ixzz3wnF1m6Rt

‘Tax Wall Street,’ Trump Pledges After Worst Market Week Since 2011

And that is Bernie Sanders’ proposal too…

Republican presidential front-runner Donald Trump pledged to “tax Wall Street” as he sought to use a severe stock market selloff to plant new seeds of fear among voters during a campaign rally Saturday in Ottumwa, Iowa.

At times, the real estate mogul sounded more like Democratic presidential candidate Senator Bernie Sanders, a constant critic of Wall Street, than a billionaire candidate running for the Republican presidential nomination.

“There’s a bubble,” Trump told his audience in southeastern Iowa, noting the nation’s high level of debt. “You see the stock market is starting to, you know, see what’s going on,” he said. “It’s starting to have some very bad weeks and some very bad numbers.”

Read on.

Florida Attorney General Pam Bondi backed testing at center of massive fraud

Florida’s top law enforcement officials knew by 2012 that Millennium Laboratories, the nation’s largest drug testing company, was defrauding Florida Medicaid of millions.

But that did not stop Attorney General Pam Bondi from urging Medicare to pay for high-priced and unnecessary drug screening tests at the heart of Millennium’s massive scam, even as her own office and federal prosecutors pursued civil charges against the company.

Hours after The Post reported on the letter Friday afternoon, Bondi, who previously declined to be interviewed for this story, wrote in an email that staffers had written the letter, and that, “Knowing what I know now, The Palm Beach Post is correct that the letter should not have been sent.”

Read on.