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SECURITIES AND EXCHANGE COMMISSION
Washington DC 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
NOVEMBER 18, 1997
Date of Report
(Date of earliest event reported)
EVEREN CAPITAL CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation)
1-13940 36-4019175
(Commission File Number) (IRS Employer Identification Number)
77 WEST WACKER DRIVE 60601
(Address of principal executive offices) (Zip Code)
(312) 574-6000
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS. The following is a description of certain
changes in the status of a lawsuit previously disclosed in the Company's
annual report on Form 10-K and quarterly report on Form 10-Q for the quarter
ended September 30, 1997.
CUYAHOGA COUNTY, OHIO LITIGATION (JONES, ET AL. V. MCDONALD & CO.,
ET AL.). In August 1995 a lawsuit was filed in the Court of Common Pleas of
Cuyahoga County, Ohio on behalf of the County of Cuyahoga (the "County"), the
State of Ohio and the Board of County Commissioners against eight
broker-dealers and banks, including EVEREN Securities, relating to investment
losses suffered by the County and its Secured Assets Fund Earnings program
(the "S.A.F.E. Fund"). Plantiffs' second amended complaint alleged that the
defendants facilitated and assisted the staff of the County's investment
department in engaging in certain investment activity that was risky and
speculative and that violated the S.A.F.E. Fund's policies and procedures and
certain state laws. The complaint sought unspecified compensatory damages
and punitive damages, costs and attorneys' fees, alleging investment losses
in the "tens of millions of dollars." On November 18, 1997, the Company and
five other defendants each paid $1.375 million to settle the lawsuit.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
Dated: November 18, 1997 EVEREN Capital Corporation
/s/ Janet L. Reali
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Janet L. Reali
Senior Executive Vice President
General Counsel and Secretary
