Festus was now dead, and Albinus was but upon the road; so he assembled the sanhedrim of judges, and brought before them the brother of Jesus, who was called Christ, whose name was James, and some others, [or, some of his companions]; and when he had formed an accusation against them as breakers of the law, he delivered them to be stoned...
This passing reference to Jesus means that the previous reference must of existed to some extent because otherwise the really is no need for James to be associated with Jesus at all. It seems that James is mentioned to be in relation to the more famous Jesus who we read about earlier.
What can we say?
Not much about this text can be said about Jesus other than
1. Jesus had a brother James
For a quick interview with Chris Forbes on the two Josephus references see below: