Jesup & Lamont. Inc. and Financial Northeastern Corporation Announce the Settlement of all Pending Claims and Legal Proceedings
October 08 2009 - 10:00AM
PR Newswire (US)
NEW YORK, Oct. 8 /PRNewswire-FirstCall/ -- Jesup & Lamont,
Inc., (AMEX: JLI), a full-service boutique brokerage and investment
banking firm serving retail and institutional clients, and
Financial Northeastern Corporation announced today that they have
agreed to a settlement of all pending claims and legal proceedings.
The parties have agreed that all prior restraints have been
released. This settlement resolves court and arbitration
proceedings initiated in November 2008 by the Financial
Northeastern Companies against Jesup & Lamont, Inc., and
others. About Jesup & Lamont, Inc. Established in 1877, Jesup
& Lamont, Inc. has an extensive history on Wall Street, with
its origins encompassing such successes as providing brokerage
services to Standard Oil and raising capital for the construction
of Rockefeller Center. Jesup & Lamont, through its two wholly
owned brokerage subsidiaries, offers full service broker-dealer and
registered investment advisory services through its approximately
150 registered brokers in over 20 locations including offices in
New York, San Francisco, Boston, Boca Raton, Chicago, Fort
Lauderdale and Orlando. The Company's Jesup & Lamont Securities
Corporation subsidiary also publishes proprietary research on
several industries including Aerospace/Defense, Alternative Energy
and Life Sciences/Healthcare and offers comprehensive investment
banking services. Forward-Looking Statement Disclaimer This press
release contains "forward looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risk,
uncertainties or other factors which may cause actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Factors
that might cause such a difference include, without limitation,
fluctuations in the volume of transactional services provided by
the Company, competition with respect to financial services
commission rates, the effect of general economic and market
conditions, factors affecting the securities brokerage industry as
well as other risks and uncertainties detailed from time to time in
the Company's Securities and Exchange Commission filings. The
Company undertakes no obligation to revise or update any
forward-looking statement. DATASOURCE: Jesup & Lamont, Inc.
CONTACT: Donald A. Wojnowski, President, Jesup & Lamont, Inc.,
+1-212-307-2660,
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