The newly discovered violations, both of which Government officials said occurred in 1990, mean that the firm was violating Treasury rules even earlier than had previously been acknowledged.

Lawyers at Skadden, Arps deny that the firm violated ethics rules in any of the cases.

The Shearson spokesman added that the firm, in selling the securities, "did not violate any law or existing interpretation of exchange rules."

The letter warns of possible claims for damages if either the hiring firm or the departing partners violate their obligations.

Raymond James's chief executive told stockholders that the firm had not violated Federal regulations.

Nappier and Bluementhal argued that the firm breached contractual obligations, fiduciary responsibilities and violated securities law.

The complaint, filed Tuesday, charges that the firms and the individuals violated several commodities laws, including engaging in prearranged trades in stock index futures.

Specifically, a firm violates Section 2 if it attains or preserves monopoly power through anticompetitive acts.

The firm argued that the arrests for disorderly conduct were without probable cause, and violated Hardeman's constitutional rights.

Mr. Perkins denied that the firm had violated regulatory requirements by not disclosing the payments to prospective investors in the partnerships.