A Miami company that specializes in purchasing tax certificates at auction won a $21 million verdict against a large California hedge fund in a federal breach of contract case -- but then entered a confidential settlement before judgment was entered. From 1998 to 2002, Gulf Group was the exclusive Florida agent for Coast Asset Management, an $8 billion hedge fund. The contract case stems from civil bid-rigging charges brought against both companies, and 21 others, by the Florida attorney general's office.
April 16, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
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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