FORT LAUDERDALE, Fla., April 18, 2011 (GLOBE NEWSWIRE) -- BFC Financial Corporation (Pink Sheets:BFCF) announced today that it had reached an agreement, subject to preliminary court approval, notice to the class and final approval by the court, to settle a securities class action brought against its subsidiary Woodbridge Holdings Corporation and BFC Financial Corporation's ("BFC") Chief Executive Officer and Chairman, Alan B. Levan.
The securities lawsuit alleged violations of sections 10(b) and 20(a) of the Securities Exchange Act of 1934 for the time period from January 31, 2007 to August 14, 2007, a tumultuous period in the Florida real estate market.
BFC Financial Corporation's Chief Executive Officer, Alan B. Levan, commented, "When Woodbridge Holdings was presented an opportunity to settle the securities claims for a total of $1.95 million, we determined, with the encouragement of our insurers, it imprudent to continue to defend these claims, particularly when considering the substantial cost of defense in a long and protracted trial. Of course, we continue to emphatically deny any wrongdoing and would never have settled the matter with any admission of responsibility. Nonetheless, Woodbridge Holdings Corporation is pleased to put this matter behind us. This settlement will not impact the operating results of Woodbridge Holdings Corporation or BFC."
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About BFC Financial Corporation: BFC Financial Corporation (Pink Sheets:BFCF) is a diversified holding company whose principal holdings include a controlling interest in BankAtlantic Bancorp, Inc., a controlling interest in Bluegreen Corporation, and a non-controlling interest in Benihana, Inc.
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") which are subject to risks and uncertainties, including that the settlement may not be consummated on the proposed terms or at all.
CONTACT: BFC Investor Relations Contact Info: Leo Hinkley, SVP, Investor Relations Officer Email: InvestorRelations@BFCFinancial.com Phone: (954) 940-4994 Fax: (954) 940-5320 Sharon Lyn, Vice President Email: CorpComm@BFCFinancial.com Phone: (954) 940-4994 Fax: (954) 940-5320