LaBranche (LAB) , the parent company of one of the top New York Stock Exchange trading specialist firms, will turn over employee emails to the exchange following a panel hearing Wednesday.
The Big Board panel had determined that LaBranche & Co. LLC had failed to cooperate with an NYSE investigation of specialist trading activity by retaining 8,000 personal emails of certain employees. LaBranche had resisted on privacy grounds but will turn the emails over to the NYSE Division of Enforcement.
LaBranche expressed confidence that the emails in question are not related to its business on the NYSE floor. The company expects the panel to render a decision that may include a censure and fine, after which LaBranche will have 25 days to appeal to the NYSE board.
LaBranche, founded in 1924, is the specialist for more than 650 companies, nine of which are in the
Dow Jones Industrial Average
, and 101 of which are in the