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EXHIBIT 99.1
DAIN RAUSCHER, STOCKWALK.COM, INC. SETTLE ARBITRATION CASE
MINNEAPOLIS (Sept. 27, 2000) - Dain Rauscher Corporation (NYSE: DRC)
and Stockwalk.com Group, Inc. (NASDAQ: STOK) today announced they had settled
the 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, Minn., 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
Exhibit 99.1-1
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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 (NASD)
and the Securities Investor Protection Corporation (SIPC). Miller, Johnson &
Kuehn, R.J. Steichen and John G. Kinnard are also members of the Chicago Stock
Exchange. 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 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.
# # #
CONTACT: Dain Rauscher: Dan Callahan, (612) 313-1234 or
[email protected] Stockwalk.com, Inc.: Matthew Kyler, (612)
542-3626 or [email protected]
Exhibit 99.1-2
