OTHER NEWS - July 15, 1992

Ernst & Young Settles Keating-Related Complaint: Ernst & Young agreed to pay $1.6 million to settle Arizona administrative charges that it helped Charles H. Keating Jr. deceive the government about the health of his savings and loan. The California state Board of Accounting also suspended for four years the license of Jack D. Atchison, a former Ernst & Young partner said to have helped persuade five senators to intervene with federal regulators on Keating’s behalf. The settlement resolves a state board complaint that the firm was negligent in auditing Keating’s Phoenix-based American Continental Corp.