BFC Reports Preliminary Settlement of Securities Class Action

FT. Lauderdale, Fl: 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.

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Published on Apr-20-11