Jesup & Lamont. Inc. and Financial Northeastern Corporation Announce the Settlement of all Pending Claims and Legal Proceedings

Jesup & Lamont. Inc. and Financial Northeastern Corporation Announce the
Settlement of all Pending Claims and Legal Proceedings

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.

SOURCE Jesup & Lamont, Inc.

Donald A. Wojnowski, President, Jesup & Lamont, Inc., +1-212-307-2660,
DWojnowski@Jesuplamont.com