Stephens Defends New Insurance Employees

by Arkansas Business Staff  on Thursday, Mar. 26, 2009 11:03 am  

Warren Stephens, owner of Stephens Inc. and its affiliate, Stephens Insurance LLC, issued on Wednesday a statement defending the eight employees Stephens Insurance recently hired away from Regions Insurance Group Inc.'s Little Rock office.

Regions has sued the eight, alleging they breached the noncompete agreements.

"Neither the individuals that we hired, nor anyone currently affiliated with Stephens has done anything unethical in conjunction with the hiring of these people," Stephens said in the e-mailed statement. "Their integrity has been challenged, but the truth will become obvious as we progress in this legal proceeding.  These eight individuals are an asset to the insurance industry, and will be an outstanding asset for Stephens Insurance."

On Tuesday, Pulaski County Circuit Judge Jay Moody issued an "ex parte" temporary restraining order in the case. Ex parte means only one of the parties - Regions Insurance - was involved in the proceedings. The defendants - Stan Payne, Bill Bussey and six team members who left Regions with them earlier this month - did not know the restraining order had been requested until after it was granted.



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