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                SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C.

LITIGATION RELEASE No. 14939 /  June 7, 1996

SECURITIES AND EXCHANGE COMMISSION v. STANLEY J. FEMINELLA AND
DAVID W. GRANSTON, Civil Action No. 96 CIV 336 (AGS)(S.D.N.Y.).

The Securities and Exchange Commission announced that the
Honorable Allen G. Schwartz of the United States District Court
for the Southern District of New York has entered final judgment
as to David W. Granston in this matter.  On January 18, 1996, the
Commission filed a complaint alleging as follows: Granston, the
former chief financial officer of Consumers Union of United
States, Inc. (CU), received kickbacks from Stanley J. Feminella,
CU's former stockbroker, beginning no later than May 1985 and
continuing for a period of years thereafter.  These kickbacks
were intended to ensure that Granston would continue to funnel to
Feminella CU's lucrative securities investment business.  By
engaging in this fraudulent kickback scheme Granston violated
Section 10(b) of the Securities Exchange Act of 1934 and Exchange
Rule 10b-5.  Granston consented without admitting or denying the
allegations of the complaint to the entry of the final judgment,
which permanently enjoins him from future violations of Section
10(b) and Rule 10b-5 and orders him to pay a civil penalty of
$10,000.

The litigation continues as to Feminella, the remaining
defendant.