Dain Rauscher, Stockwalk.com Group Inc. Settle Arbitration Case.Business Editors & Analysts MINNEAPOLIS--(BUSINESS WIRE)--Sept. 27, 2000 Dain Rauscher Corporation (NYSE NYSE See: New York Stock Exchange : DRC) and Stockwalk.com Group Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : STOK) today announced they have settled the NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). arbitration case filed against Dain Rauscher by John G. Kinnard and Company, a Minneapolis brokerage firm now part of Stockwalk.com Group Inc. As part of the settlement, Dain Rauscher has paid Stockwalk.com $13.3 million. In December 1999, an NASD arbitration panel had awarded Kinnard $16.6 million and Dain Rauscher took a charge of that amount at that time. With interest, the award has grown to $17.2 million. The reduction in the award will be reflected in Dain Rauscher's third quarter net income. "We are happy to put this case behind us and settle it amicably," said Ron Tschetter, president of Dain Rauscher's private client group. "We think this was the appropriate action to take at this time," said Eldon C. Miller, chairman and CEO of Stockwalk.com. "We have an excellent relationship with Dain and are happy we have been able to reach this agreement." Based in Minneapolis, Stockwalk.com Group Inc. is the parent company of MJK Holdings Inc., which owns the full service brokerage firms of Miller, Johnson & Kuehn Incorporated, R.J. Steichen & Company, and John G. Kinnard & Company Incorporated, as well as Stockwalk.com Inc., an online trading company (AOL keyword: Stockwalk) and Online Brokerage Solutions Inc., which privately labels online trading for third parties. MJK, R.J. Steichen, John G. Kinnard, Stockwalk.com and Online Brokerage Solutions are members of the National Association of Securities Dealers National Association of Securities Dealers (NASD) Nonprofit organization formed under the joint sponsorship of the investment bankers' conference and the SEC to comply with the Maloney Act, which provides for the regulation of the OTC market. (NASD) and the Securities Investor Protection Corporation Securities Investor Protection Corporation (SIPC) A nonprofit corporation that insures customers' securities and cash held by member brokerage firms against the failure of those firms. (SIPC (Simply Interactive PC) An earlier umbrella term from Microsoft and Intel for a PC that works like a home appliance. For example, it has a sealed case, uses external connectors for expansion and boots in just a couple of seconds. ). Miller, Johnson & Kuehn, R.J. Steichen and John G. Kinnard are also members of the Chicago Stock Exchange Chicago Stock Exchange (CHX) A major exchange trading only stocks, with 90% of trades taking place on an automated execution system, called MAX. . For more information, visit http://www.stockwalkgroup.com Dain Rauscher Corporation is one of the nation's largest full-service securities firms with 1,300 private client and institutional investment executives and 3,700 employees. Founded in 1909, the Minneapolis-based securities firm serves individual investors predominantly in the western half of the United States, and capital markets and correspondent clients in select markets throughout the nation. The company's broker-dealer, Dain Rauscher Incorporated, is a member of the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. and other major securities exchanges, as well as the Securities Investor Protection Corp. The company's common stock trades on the NYSE under the symbol DRC. Its headquarters are at Dain Rauscher Plaza, 60 S. Sixth St., Minneapolis, Minnesota, 55402-4422. |
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