BANKING

Awards Cut in Keating Case: A federal judge in Tucson reduced a $4.1-billion jury award against former Lincoln Savings & Loan owner Charles H. Keating Jr. and two others to $1.5 billion. U.S. District Judge Richard M. Bilby said the initial award reflects the jury’s anger over a fraud that bilked $288.7 million from small investors in the Irvine thrift’s parent company, American Continental Corp. Separately, bondholders, who make up most of the investors, will have to wait another month before they get a $70-million payment from settlements with about 90 other defendants in the civil fraud and racketeering lawsuits. The bank distributing the money said it will take until Nov. 16 to mail checks amounting to about 36.5 cents on the dollar.