Veeco Instruments

New York, NY: (Jul-10-07) Veeco Instruments Inc. entered into a Memorandum of Understanding on July 5, 2007 to settle and fully resolve a securities fraud class action litigation. The lawsuit against the instruments manufacturer and other defendants, including certain of its current and former officers, was filed in the US District Court for the Southern District of New York. As part of the settlement reached, the defendants agreed to a payout of $5.5 million. Veeco expects that insurance proceeds will cover the settlement amount and any significant legal expenses related to the settlement. The settlement agreement is subject to court approval and would dismiss all pending claims against Veeco and the other defendants with no admission or finding of wrongdoing by Veeco or any of the other defendants. [STREET INSIDER: VEECO SECURITIES]