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David Stern wins dismissal in securities class action lawsuit

October 03, 2011 12:15PM

Foreclosure attorney David Stern, the face of the robo-signing scandal,
won a dismissal this morning in a proposed class action lawsuit against
him by investors claiming false and misleading financial statements.
Philadelphia Financial Management, based in San Francisco, alleged Stern
“talked up” the company while knowing several factors could have a
negative impact on it. Judge William Zloch said Stern’s statements were
forward-looking and had the necessary disclaimers. [Palm
Beach Post]