This happened at my school, although it was a pledge, not an active, who died. He had the equivalent of 16 drinks in his system when he was admitted to the hospital (which was a few hours after he first lost consciousness) - he spent 2 days in a coma and then died.
I believe he was 18 or 19 - definitely underage.
The school immediately revoked its recognition of the fraternity chapter.
The national fraternity also revoked the chapter's charter, as well as passing a resolution that all chapters should go dry within 4 years.
The pledge's parents sued the chapter. This was a mistake as the chapter effectively ceased to exist once the school and national fraternity revoked recognition.