SECURITIES AND EXCHANGE COMMISSION

          Litigation Release No. 15816  /  July 20, 1998

          SECURITIES  AND  EXCHANGE  COMMISSION  v. CHARLES L. BRUMFIELD et
          al., United States District Court for the  Southern  District  of
          New York, 95 Civ. 9283 (JES)

               The Securities and Exchange Commission has settled its
          insider trading claims against Joseph Penna based on Penna's
          purchase of stock options of NCR Corporation in November 1990.
          Without admitting or denying the Commission's allegations, Penna
          consented to the entry of a final judgment permanently enjoining
          him from violating Sections 10(b) and 14e-3 of the Securities
          Exchange Act of 1934 and Rules 10b-5 and 14e-3, requiring him to
          disgorge his alleged unlawful trading profits of $36,671, and
          ordering him to pay prejudgment interest.  Based on his
          demonstrated financial inability to pay, payment of prejudgment
          interest was waived and no civil penalty will be imposed.  The
          settlement papers, which are subject to judicial approval, were
          filed with the United States District Court for the Southern
          District of New York today.

               Penna, 55, of Roseland, New Jersey, is one of twenty persons
          the Commission accused of participating in an insider trading
          ring centered around Charles Brumfield, a former AT&T labor
          relations executive who from 1988 through 1991 learned about
          AT&T's secret plans to acquire four companies.  During that
          period, Penna, an executive board member of Local 827,
          International Brotherhood of Electrical Workers, frequently
          negotiated with Brumfield over labor issues.  In its complaint,
          the Commission alleged that Brumfield tipped Penna in November
          1990 concerning AT&T's plan to acquire NCR Corporation.
          According to the complaint, Penna thereafter purchased a total of
          approximately $3,200 worth of NCR call option contracts.  After
          AT&T publicly announced an offer for NCR on December 2, 1990,
          Penna sold the options for a profit of over $36,000-more than
          eleven times his investment in eleven days.

               The Commission filed its civil action against Brumfield,
          Penna, and fifteen other defendants in October 1995.  See SEC
          Lit. Rel. 14706 (Oct. 31, 1995).  Eleven of those defendants have
          now settled, and two had summary judgments entered against them
          based in part on their prior criminal convictions arising out of
          the same scheme.  See SEC Lit. Rel. 15559 (Nov. 13, 1997).  Four
          defendants-Robert Allen, Sharon Seiden, Warren Smith, and John
          Lynch-remain in the case, which is scheduled for trial beginning
          on January 11, 1999.  Three other alleged participants in the
          insider trading ring entered into settlements with the Commission
          in separate proceedings brought by the Commission in 1997 and
          earlier this year.  See SEC Lit. Rel. 15648 (Feb. 20, 1998).