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IN RE U.S. OIL AND GAS LITIGATION

No. 91-5363.

967 F.2d 489 (1992)

In re U.S. OIL AND GAS LITIGATION. Gerald B. WALD, receiver of U.S. Oil and Gas Corporation, Eagle Oil and Gas Corporation, the Stratford Company, Plaintiffs, v. Gurdon WOLFSON, et al., Defendants, Pinnacle Reinsurance Company, Ltd., a Bermuda corporation, Defendant-Cross claim Plaintiff, Appellant, Alexander & Alexander, Inc., a foreign corporation, Jerrell Riley, Defendants-Cross claim Defendants, Appellees. Edward B. and Tina M. LEARNED, individually and on Behalf of all persons who purchased oil and gas programs coupled with an annuity from U.S. Oil and Gas Corporation and the Stratford Company, Plaintiffs-Appellees, v. Gurdon WOLFSON, et al., Defendants.

United States Court of Appeals, Eleventh Circuit.

July 28, 1992.

Attorney(s) appearing for the Case

William R. Boeringer, Hayden and Milliken, P.A., Miami, Fla., for Pinnacle Ins. Co.

John K. Train, III, Alston & Bird, Todd R. David and Laura J. Coleman, Atlanta, Ga., for Alexander & Alexander.

Edward R. Nicklaus, Nicklaus, Valle, Craig & Wicks, and Marc Cooper, Cooper, Wolfe & Bolotin, P.A., Miami, Fla., for Gerald B. Wald, et al.

Brenton N. Ver Ploeg, Shutts & Bowen, Miami, Fla., for First Pyramid Life Ins. Co. of America.

Jerre B. Swann Kilpatrick & Cody, Atlanta, Ga., for Jerrell Riley.

Before KRAVITCH and HATCHETT, Circuit Judges, and BROWN, Senior Circuit Judge.

HATCHETT, Circuit Judge:

In this case of first impression in this circuit, we affirm the district court's imposition of a settlement bar order and establish the standard of review to be abuse of discretion.

FACTS AND PROCEDURAL HISTORY

In the late 1970s, the U.S. Oil and Gas Corporation, Eagle Oil and Gas Corporation, and the Stratford Company (the Companies) began selling an advisory service to investors seeking to bid on federal oil and gas leases...

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