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PETRO-VENTURES, INC. v. TAKESSIAN

No. 90-55349.

967 F.2d 1337 (1992)

PETRO-VENTURES, INC., an Oklahoma corporation, Plaintiff-Appellant, v. Gary G. TAKESSIAN, an individual, Defendant-Appellee, Stephen R. Vrable, N. Russell Walden, and Wayne Hamersly, Intervenors-Appellees.

United States Court of Appeals, Ninth Circuit.

Decided June 22, 1992.

Attorney(s) appearing for the Case

Benjamin T. Willey, Willey & Shoemaker, Oklahoma City, Okl., for plaintiff-appellant.

John S. Einhorn, San Diego, Cal., for defendant-appellee.

Maureen Folan, Hoge, Fenton, Jones & Appel, San Jose, Cal., for intervenors-appellees.

Before: POOLE, WIGGINS, and LEAVY, Circuit Judges.

LEAVY, Circuit Judge:

We decide the validity of a release of all unknown claims in the context of a settlement of ongoing litigation, where potential violations of federal securities laws were later discovered. The general rule in this circuit is that "[a] release is valid for purposes of a federal securities claim only if [there was] `actual knowledge' that such claims existed." Burgess v. Premier Corp., 727 F.2d 826, 831...

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