Nicholas E. Chimicles, Esq., Elected President of National Association of Securities and Commercial Law Attorneys.

PHILADELPHIA--(BUSINESS WIRE)--Nov. 17, 1998--Nicholas E. Chimicles, Esq., senior partner of Chimicles & Tikellis LLP, has been elected President of NASCAT, the National Association of Securities and Commercial Law Attorneys, Mern Horan, Executive Director of NASCAT, announced Tuesday.

Founded in 1988, NASCAT is an organization and public policy voice for attorneys who support strong federal and state legal protections for investors and consumers. Its scores of members are principally securities litigation specialists located throughout the United States. Chimicles will begin his term January 1, 1999.

"We are privileged to have an attorney with Mr. Chimicles's stature in the field of law as President of NASCAT," Horan stated. "He has been an advocate of NASCAT's interests since it's inception."

Upon acceptance of the position, Chimicles acknowledged the responsibility to protect investors with the following statement:

"Plaintiffs' securities practitioners continue to face a challenging environment in which to press for enhanced investor protection and rights. The challenge is, in part, due to major changes in the jurisprudence and legislative framework that govern such matters. Just last week, President Clinton signed into law S. 1260. 'The Securities Litigation Uniform Standards Act,' which provides that all cases (with certain important exceptions) involving securities claims must be brought in federal court. This latest law is the second statute that the Congress has enacted in less than three years that directly impacts the remedies available to investors who have been defrauded in the securities markets, the first being the Private Securities Litigation Reform Act of 1995. NASCAT has been active for 10 years in trying to make certain that proposed federal and state legislation including these two pieces of federal legislation, do not undermine the fundamental protections that the federal laws have afforded to investors for more than six decades. I look forward to leading the organization's efforts over the next two years in assuring that investors' rights are vigorously protected and in preserving the integrity of the securities markets."

Nicholas E. Chimicles, Esq., a resident of Devon, Pa., is senior partner and Chairman of the Executive Committee of Chimicles & Tikellis, LLP. Chimicles has practiced law for more than 25 years, concentrating in the prosecution of major complex securities fraud and antitrust litigation.

He has served as lead or co-lead counsel in major actions relating to the sale and marketing of investment products sold by Prudential, PaineWebber, Shearson Lehman and other brokerage firms that resulted in groundbreaking settlements for investors.

Chimicles regularly lectures for the American Law Institute, the Practicing Law Institute, the American Bar Association and numerous other organizations.

Chimicles & Tikellis LLP has extensive experience in the prosecution of class action and derivative litigation in the securities field as well as handling class actions in the antitrust, environmental, ERISA and consumer areas.

The firm's expertise in these types of litigation has been repeatedly recognized by the courts, which have appointed the firm to major roles in complex multi-district and consolidated litigations. Chimicles & Tikellis LLP has offices in Haverford, Pa., and Wilmington, Del.