A Miami company that specializes in purchasing tax certificates at auction has won a $21 million verdict against a large California hedge fund in a federal breach of contract case.

But before the judgment was entered by U.S. Magistrate Judge Edwin Torres in Fort Lauderdale, Fla., on the March 29 verdict, Santa Monica, Calif.-based Coast Asset Management settled the case with Gulf Group Holdings, according to courthouse sources and court records. The settlement is confidential.

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