Dean Witter Financial Services Group

Sears, Roebuck & Co., once the nation's largest retailer before it fell on hard times, said Tuesday that it will sell its stock brokerage, credit card and real estate businesses, abandoning plans to be a one-stop shopping center for merchandise and financial services. The Sears sell-off places the troubled No. 3 retailer among the ranks of business giants that have scaled back in recent years by selling operations unrelated to their main mission.

Investors Sue Dean Witter, Alleging Misrepresentation: In the lawsuit filed in Los Angeles County Superior Court, the Wall Street firm was accused of duping tens of thousands of investors into placing risky bets on commodities and currency futures. The investors say they lost millions of dollars in the early 1990s by buying $1.2 billion in Dean Witter Reynolds Inc.'s limited partnerships that invested in these volatile financial securities.

Investors Sue Dean Witter, Alleging Misrepresentation: In the lawsuit filed in Los Angeles County Superior Court, the Wall Street firm was accused of duping tens of thousands of investors into placing risky bets on commodities and currency futures. The investors say they lost millions of dollars in the early 1990s by buying $1.2 billion in Dean Witter Reynolds Inc.'s limited partnerships that invested in these volatile financial securities.

Sears to Spin Off Rest of Dean Witter: The retailer said its board approved spinning off the remaining 80% interest in Dean Witter, Discover & Co. to shareholders on June 30. The spinoff will distribute 136,175,000 shares of Dean Witter Discover through a special dividend. Sears, Roebuck & Co. sold the other 20% of its brokerage and credit card subsidiary in a $905.9-million initial stock offering in February and March.

A federal judge has refused to order Visa U.S.A. to let Dean Witter Financial Services start issuing its Prime Option Visa card. The ruling by U.S. District Judge Dee Benson comes as he considers Visa's request for a new trial in a lawsuit it lost against Dean Witter and its parent company, Sears, Roebuck & Co.

In the first joint venture between a major U.S. bank and brokerage, Nationsbank and Dean Witter Financial Services Inc. said Monday that they will establish a securities firm to sell mutual funds and other investments in bank branches across the country. The proposal, which must be approved by regulators, is another step in breaking down the traditional wall between the banking and securities industries. It comes as banks are searching for new ways to develop fee-based services.

Sears to Spin Off Rest of Dean Witter: The retailer said its board approved spinning off the remaining 80% interest in Dean Witter, Discover & Co. to shareholders on June 30. The spinoff will distribute 136,175,000 shares of Dean Witter Discover through a special dividend. Sears, Roebuck & Co. sold the other 20% of its brokerage and credit card subsidiary in a $905.9-million initial stock offering in February and March.

Philip J. Purcell has been named chairman and chief executive of the Dean Witter Financial Services Group of Sears, Roebuck & Co., Chicago. He succeeds Robert M. Gardiner, who is retiring Aug. 31. Purcell also was elected a Sears director, filling Gardiner's vacancy. Sears also named James M. Denny corporate vice president-finance, a newly created position. He was formerly executive vice president and chief financial and planning officer of G. D. Searle & Co.

A federal judge has refused to order Visa U.S.A. to let Dean Witter Financial Services start issuing its Prime Option Visa card. The ruling by U.S. District Judge Dee Benson comes as he considers Visa's request for a new trial in a lawsuit it lost against Dean Witter and its parent company, Sears, Roebuck & Co.

In the first joint venture between a major U.S. bank and brokerage, Nationsbank and Dean Witter Financial Services Inc. said Monday that they will establish a securities firm to sell mutual funds and other investments in bank branches across the country. The proposal, which must be approved by regulators, is another step in breaking down the traditional wall between the banking and securities industries. It comes as banks are searching for new ways to develop fee-based services.

Sears, Roebuck & Co., once the nation's largest retailer before it fell on hard times, said Tuesday that it will sell its stock brokerage, credit card and real estate businesses, abandoning plans to be a one-stop shopping center for merchandise and financial services. The Sears sell-off places the troubled No. 3 retailer among the ranks of business giants that have scaled back in recent years by selling operations unrelated to their main mission.