OTHER NEWS - Dec. 29, 1992

Shearson Said to Be Under Criminal Probe: Shearson Lehman Bros., the nation’s No. 2 securities firm, is being investigated by the New York State Department of Labor for alleged violations of labor laws at one of its branch offices, said Mark Molinari, a department spokesman. Sally Cates, a spokesman for Shearson, an American Express Co. subsidiary, declined to comment. Shearson is under investigation because a telemarketing employee at the firm’s 14 Wall St. branch filed a complaint, claiming that he was underpaid, Molinari said. “We have an investigation regarding a single complaint alleging underpayment of minimum wages and overtime compensation to a cold caller,” he said. The minimum wage is $4.25 an hour.