CHICAGO, March 10 /PRNewswire/ -- EVEREN Capital Corporation (NYSE: EVR)
today announced that a New York Stock Exchange arbitration panel awarded
EVEREN Securities, Inc. $6 million in compensatory damages in connection with
a 1994 case filed by EVEREN against Dean Witter Reynolds, Inc.
EVEREN, then known as Kemper Securities, Inc., brought the action
following Dean Witter's hiring of the entire staffs of its Central Illinois
branch offices in Decatur, Springfield, Champaign and Danville. EVEREN
alleged that Dean Witter raided the four offices and aided and abetted the
misappropriation of client files and information by the departing brokers.
The arbitration award is the largest ever rendered in a raiding case,
according to data maintained by the Securities Arbitration Commentator. The
award also affirms EVEREN's position during the proceedings that such
predatory hiring practices constitute unfair competition that could subject
offenders found liable to substantial damages.
EVEREN Capital Corporation is among the largest employee-owned companies
in the nation. Headquartered in Chicago, EVEREN Capital is the parent company
of EVEREN Securities, Inc., a national full-service brokerage firm with
approximately 135 offices nationwide; EVEREN Clearing Corp., which provides
securities execution and clearing services and commodities clearing services
for EVEREN Securities and other broker-dealers; and Principal Financial
Securities, Inc., a full-service brokerage firm with approximately 50 branch
offices in the Southwest, Midwest and West.
EVEREN Securities, EVEREN Clearing and Principal Financial Securities are
members of the Securities Investor Protection Corporation, the New York Stock
Exchange and other principal exchanges. For more information about EVEREN,
visit the company's Web site at http://www.everensec.com.
SOURCE EVEREN Capital Corporation
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Related links:
http://www.everensec.com
CONTACT:
Edgar P. McDougal, 312-574-5791, or Caron
Schreiber, 312-574-5724, both of EVEREN
CNOC: http://www.prnewswire.com or fax, 800-758-5804, ext.
121760
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