February 16 2008
New York, NY: (Feb-14-08) A securities class action lawsuit was brought against LaBranche & Co. LLC subsidiary, and eight present or past directors or officers of these entities, on behalf of purchasers of the company's common stock from August 19, 1999 to October 15, 2003. The suit was filed in the United States District Court for the Southern District of New York, and sources stated that on February 8, 2008, the parties entered into a settlement agreement to resolve the class action. Under the terms of the deal, LaBranche entered into an agreement in principle to settle the action for $13 million, to be paid entirely by the company's insurers. Company officials stated that since the payout will be handled by the company's insurers, the settlement is not expected to have an effect on the company's income statement as reported in its earnings release issued on January 18, 2008.
[STREET INSIDER: LaBRANCHE SECURITIES]
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