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Entwistle & Cappucci LLP Retained to Prosecute a Class Action Suit Against LaBranche & Co., Bear Wagner Specialists LLC, Spear, Leeds & Kellogg Specialists LLC, Van der Moolen Specialists USA, LLC and Fleet Specialist, Inc.


Business Editors/Legal Writers

NEW YORK--(BUSINESS WIRE)--Nov. 4, 2003

Entwistle & Cappucci LLP LLP - Lower Layer Protocol  today announced that the firm has been retained by a large financial institution in connection with the class action proceedings brought on behalf of all persons or entities who purchased and/or sold NYSE NYSE

See: New York Stock Exchange
 listed securities Listed Security

Securities that have been accepted for trading purposes by a recognized and regulated exchange.

Notes:
Listed securities have the advantage of higher liquidity within a regulated environment.
 which were auctioned by defendant specialists LaBranche & Co.(NYSE:LAB), Bear Wagner Specialists LLC (Logical Link Control) See "LANs" under data link protocol.

LLC - Logical Link Control
, Spear, Leeds & Kellogg Specialists LLC(NYSE:GS), Van der Moolen Van der Moolen is a Dutch equity trading firm, with its headquarters located in Amsterdam. They are mainly active in the United States and in Europe, particularly in the Netherlands, France, Germany, Switzerland and the United Kingdom.  Specialists USA, LLC and Fleet Specialist, Inc.(NYSE:FBF FBF Forearm Blood Flow
FBF Frankfurt Book Fair
FBF Feedback Form
FBF Frame by Frame (animation technique)
FBF FleetBoston Financial Corporation (stock symbol)
FBF Fundamental Baptist Fellowship
). The firm also announced that its client, which between October 17, 1998 and October 15, 2003 purchased billions of shares auctioned by the five specialists, will be moving to be appointed lead plaintiff in the pending class action.

The complaint filed in this action charges the specialist firms with allegedly engaging in "front-running" trades and failing to disclose that orders were not being filled at the best prices, but were being manipulated for the specialists' benefit in contravention A term of French law meaning an act violative of a law, a treaty, or an agreement made between parties; a breach of law punishable by a fine of fifteen francs or less and by an imprisonment of three days or less. In the U.S.  of the NYSE's "negative obligation" rules. The specialists' interpositioning themselves between public sellers and buyers of stock for their own benefit constituted a violation of various provisions of the federal securities laws, pursuant to which monetary relief is being sought.

On October 16, 2003, it was reported by Reuters that the NYSE will seek fines totaling approximately $150 million against the five specialist firms for front-running trades that allegedly cost clients millions of dollars. On November 3, 2003, The Wall Street Journal reported that the Securities and Exchange Commission, in a confidential report, found that approximately 2.2 billion shares were improperly traded over the past three years alone, and that the SEC "is concerned that the NYSE's disciplinary program is viewed by specialists and specialists firms as a minor cost of doing business, and that it does not adequately discipline or deter violative conduct." The report also noted that the floor-trading firms "have no meaningful compliance programs for reviewing their specialists' compliance" to various trading rules.

Entwistle & Cappucci (www.entwistle-law.com) is one of the nation's leading securities litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute.

When a person begins a civil lawsuit, the person enters into a process called litigation.
 firms, representing some of the nation's largest public pension funds and private institutional investors in significant securities litigation in federal and state courts across the country. The firm specializes in all aspects of securities related litigation for public pension funds and other institutional investors, including private, class, and derivative actions as well as actions alleging breach of fiduciary duty Noun 1. fiduciary duty - the legal duty of a fiduciary to act in the best interests of the beneficiary
legal duty - acts which the law requires be done or forborne
 and corporate waste, appraisal proceedings, and actions challenging corporate transactions on fairness and other grounds.

If you wish to discuss the action or have any questions concerning this notice or your rights or interests, please contact Stephen D. Oestreich or Vincent R. Cappucci of Entwistle & Cappucci at 212-894-7200 or via e-mail at soestreich@entwistle-law.com or vcappuccci@entwistle-law.com.
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Publication:Business Wire
Geographic Code:1USA
Date:Nov 4, 2003
Words:459
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