SECURITIES AND EXCHANGE COMMISSION
                                   WASHINGTON, D.C.

     Litigation Release No. 15426 / July 29, 1997           

     SECURITIES AND EXCHANGE COMMISSION v. CHARLES BRUMFIELD, JOSEPH BRUMFIELD,
     ROBERT ALLEN, WILLIAM MYLETT, JOSEPH PENNA, JOSEPH CUSIMANO, ALFRED VOLPE,
     JAMES GALANTE, THOMAS ALGER, JOHN O'BRIEN, LAWRENCE FRIEDMAN, ROBERT
     FLANAGAN, THOMAS FLANAGAN, SHARON SEIDEN, WARREN SMITH, JOHN LYNCH, AND
     ALBERT BRODY, United States District Court for the Southern District of New
     York, Civ. Action No. 95-9283 (JES).
      
          On July 25, 1997, the United States District Court for the Southern
     District of New York entered a Final Judgment of Permanent Injunction and
     Other Equitable Relief against Joseph Brumfield for violations of the
     federal securities laws in connection with his trading in the shares of NCR
     Corporation, which was an AT&T acquisition target, while he was in
     possession of material, non-public information.  Without admitting or
     denying the allegations in the Complaint, Joseph Brumfield consented to the
     entry of an injunction, disgorgement of his profits of $28,812.33, plus
     prejudgment interest, and a civil penalty of $28,812.33.  

          The Commission's Complaint alleges that before November 8, 1990,
     Charles Brumfield, at the time a Vice President in AT&T's Human Resources
     Department, learned material, non-public information about AT&T's plans to
     acquire NCR.  Charles Brumfield told his son, Joseph Brumfield, about
     AT&T's plans to acquire NCR and Joseph Brumfield, in turn, told at least
     two others about the planned acquisition who then traded in NCR securities,
     and Brumfield traded in NCR securities himself.  Joseph Brumfield was 
     alleged to have violated Sections 10(b) and 14(e) of the Securities
     Exchange Act of 1934, and Rules 10b-5 and 14e-3 promulgated thereunder. 

          In the related criminal case, Joseph Brumfield pled guilty to one
     count of perjury.  On February 14, 1997, he was sentenced to two years
     probation and six months home confinement.

          Litigation with respect to the remaining defendants is continuing.

     Related Releases:   L.R. 14706, L.R. 14779, L.R. 14956,
                         L.R. 15180, L.R. 15221, L.R. 15227, 
                         L.R. 15285












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