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SCAN PLUSTM From CCH Pinpoints Securities Arbitration Awards
(RIVERWOODS, ILL., June 21, 2002) – Attorneys and others
searching for precedent-setting securities arbitration awards now have
a new and powerful tool as a result of a cooperative effort between
Securities Arbitration Commentator, Inc. (SAC), the premier research
resource for the securities/commodities arbitration field, and CCH
INCORPORATED (CCH), a leading provider of securities law information
and software. SCAN PlusTM is a comprehensive
Internet tool for researching vast numbers of awards from many
securities arbitration forums and then obtaining actual copies of
securities arbitration awards in minutes. (For more information, call
CCH at 1-888-224-7377 or visit the SCAN website at http://scan.cch.com.)
SCAN Plus is based on the combination of a powerful database
and the world’s most comprehensive collection of securities
arbitration awards, compiled and catalogued by SAC since 1989.
The library includes award documents from every forum that hears
securities arbitration disputes, including the NASD, NYSE, PCX, AAA,
NFA, CBOE, AMEX, MSRB and PHLX. The SAC database gives SCAN Plus users
access to over 28,000 securities arbitration awards.
Each award in the SAC database has been analyzed and systematically
coded by up to 60 different fields. This SAC award database has been
cited by the U.S. Government Accounting Office in its June 2000 report
on customers in arbitration as "the only comprehensive,
consistent information available."
Codes Help Zero In On Awards
Research time is slashed for those using SCAN Plus, according
to Lucy Smith, marketing manager for the CCH Securities Group.
"Because of the coding, researchers can use ‘smart,’
field-based searches that zero in precisely on the awards that can
shine light on their clients’ situation or fortify a point that they
want to make," Smith said. "It’s been exciting to
introduce customers to this new tool, since their common reaction is
that this one service could potentially save several days of research
and analysis time for each arbitration case they handle."
For example. a SCAN Plus "Arbitrator Search"
feature quickly locates all awards handed down by a given arbitrator,
returning a report that distills the pertinent facts into an easy
format for analysis. The search can be further sorted by various
criteria, including the amount awarded in ascending or descending
order and limited by forum, limited to customer disputes or employment
disputes or limited by other parameters to exclude irrelevant cases.
The SCAN Plus "People Search" feature allows
searching by fields such as Short Caption, Broker/Dealer name,
Claimants, Respondents, Other Parties and Professionals/Experts to
find out background information on parties and professionals involved
in other arbitration cases.
"This makes it easy to find out if arbitrators have made
remarks, conclusions and findings on an award, if a broker has been in
trouble with other firms, if a claimant has a history of filing a
given type of claim and so on," Smith noted.
In addition, a SCAN Plus "Power Search" feature
(to be released later this year) will allow users to develop complex
queries to target awards that will specifically advance their clients’
interest by analyzing fact patterns from past cases. For example, it
might be advantageous to know whether arbitrator John Doe has ever
awarded more than $100,000 in punitive damages for a churning case
against an NASD member firm. Another example would be to see if a
specific broker-dealer was enforcing their restrictive covenants in
raiding cases. With a SCAN Plus "Power Search" it
will be simple to frame a search for these precise points and have a
copy of the awards in hand in minutes.
"Best of all, these powerful capabilities are available on
demand, 24 hours a day, from anywhere with an Internet
connection," Smith observed.
Reports Summarize Findings
When users perform a search using SCAN Plus, the system
immediately returns an Award Summary Report (ASR) that distills the
facts of each award that matches their criteria — saving researchers
the necessity of reading through the complete award texts to identify
the key points. Three ASR formats are available.
- The Basic ASR includes fields for Short Caption, Forum, Docket
Number, Issue Date, Total Claimed/Awarded, City & State,
Arbitrator Name(s), Type of Dispute and Remarks.
- The Individual ASR includes information from Basic summary
plus Costs Assessed, Award Breakdown, Professional Who
Represented the Parties.
- The Expanded ASR includes information from Basic and
Individual summaries plus a complete breakdown of all claimed
and awarded damages.
When users identify an award that they feel is relevant to their
clients’ situation, they need simply click a "View Award"
button to download an actual scanned copy of the award – complete
with signature in a PDF file, which they can then save or print and
which are submissible in arbitration.
Availability and Pricing
SCAN Plus is available by subscription or for one-time use with
pay-as-you-go pricing. For more information on SCAN Plus and
other SCAN products, call CCH at 888-224-7377 or visit the SCAN
About CCH INCORPORATED
CCH INCORPORATED, headquartered in Riverwoods, Ill., was founded in
1913 and has served four generations of business professionals and
their clients. The company produces more than 700 electronic and print
products for the tax, legal, securities, human resources, health care
and small business markets. CCH is a wholly owned subsidiary of
Wolters Kluwer North America. The CCH web site can be accessed at cch.com.
The CCH Business and Finance site can be accessed at business.cch.com.
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