* Justice Department and AT&T settle antitrust lawsuit. Bell agrees to divest its 22 operating companies that provide most of the nation's telephone service. But Bell has not yet decided just how to separate these companies.
Bell will keep its long-distance operation, its manufacturing arm (Western Electric), and Bell Telephone Laboratories. It will be free to compete widely in the telecommunications business or in other areas, such as computers.
* Local telephond rates are expected to double, or even triple, since Bell's lucrative long-distance revenues will no longer subsidize local service.
* Congress will still examine the future of the communications industry and AT&T - and the prospects for local rates.
* Justice Department drops its 13-year-old antitrust against IBM, saying the suit was ''without merit.'' One reason is that IBM's dominance of the highly competitive computer industry has eroded in recent years.