==========================================START OF PAGE 1======

                SECURITIES AND EXCHANGE COMMISSION
                         WASHINGTON, D.C.

Litigation Release No. 14956 / June 25, 1996 

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 June 11, 1996, the United States District Court for the
Southern District of New York entered a Final Judgment of
Permanent Injunction and Other Equitable Relief against John
O'Brien for violations of the federal securities laws in
connection with his trading in three AT&T acquisition targets --
NCR Corporation, Digital Microwave Corporation, and Teradata
Corporation -- while in possession of material, non-public
information.  Without admitting or denying the allegations in the
Complaint, filed on October 31, 1995, O'Brien consented to the
entry of an injunction, disgorgement of his profits of
$24,674.63, plus prejudgment interest.  In light of Mr. O'Brien's
cooperation and under the circumstances of this case, a penalty
was not imposed.

     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 Corporation. 
Brumfield, in breach of the duty he owed AT&T, told Thomas Alger
(his close friend and subordinate at AT&T) about AT&T's
acquisition plans for NCR.  Alger, in breach of the duty he owed
AT&T, in turn, told his friend O'Brien about AT&T's acquisition
plans and made arrangements for O'Brien to buy NCR securities for
Alger's benefit.  O'Brien, while in possession of this
information, purchased NCR securities.  After AT&T's December 2,
1990 public announcement of its tender offer for NCR stock,
O'Brien sold his NCR securities and realized a profit and made
cash payments to Alger out of these profits.  

     The Commission's Complaint also alleges that on or about
March 20, 1991, Brumfield, learned material, non-public
information about AT&T's plans to acquire Digital Microwave. 
Brumfield told Alger about AT&T's acquisition plans for Digital. 
Alger, in turn, told O'Brien about AT&T's acquisition plans, and
O'Brien, while in possession of this information, purchased
Digital stock.  In or about the first week of April 1991, after
Brumfield learned that AT&T had abandoned its planned acquisition
of Digital, Brumfield told Alger that AT&T had abandoned its
acquisition plans for Digital.  Alger told O'Brien to sell the





Digital stock.  O'Brien sold his Digital stock and realized a
profit. 



                              - 2 -

     The Commission's Complaint also alleges that in November
1991, Brumfield learned material, non-public information about
AT&T's plans to acquire Teradata through AT&T's wholly owned
subsidiary NCR.  Brumfield told Alger of AT&T's acquisition
plans.  Alger, in turn, told O'Brien about AT&T's acquisition
plans and made arrangements for O'Brien to buy Teradata
securities for Alger's benefit.  After the December 2, 1991
public announcement that Teradata and AT&T's wholly owned
subsidiary, NCR, had agreed to merge, O'Brien sold his Teradata
securities and realized a profit and made cash payments to Alger
out of these profits.  

     Litigation with respect to the remaining defendants is
continuing. 

Related Releases:   L.R. 14706 and L.R. 14779






























                   
==========================================START OF PAGE 2======