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Davis Clipper apologizes as part of lawsuit settlement

First Western Advisors on Monday released a copy of the apology letter issued by The Davis County Clipper in connection with the settlement of a defamation lawsuit against the newspaper.

First Western Advisors' president, Gary W. Teran, and a broker, Carl A. Page, filed the suit in April against the newspaper, publisher Gail Stahle and reporter Melinda Williams.

In March, the Utah Division of Securities issued a press release announcing that the division had filed a petition against First Western Advisors, Teran and Page, as well as two former First Western Advisors brokers. Later in the month, the division issued another release stating it had dropped all claims against Teran and Page, and expressed regret for any harm the earlier press release may have caused to their reputations. The division had previously dropped charges against two former First Western Advisors brokers.

In the apology letter, Stahle and Williams said the newspaper erroneously reported that their licenses had been revoked and that Page was accused of "bilking millions."