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McCOOL v. STRATA OIL CO.

No. 90-1385.

972 F.2d 1452 (1992)

Daniel McCOOL, John Pellettiere, Ted R. Potempa, Kenneth A. Stankievich, Plaintiffs-Appellants, v. STRATA OIL COMPANY, an Illinois corporation, Richard A. Miller and Joseph Jocheim, Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided August 21, 1992.

As Amended on Petition for Rehearing October 26, 1992.

Attorney(s) appearing for the Case

Peter S. Lubin, Rudnick & Wolfe, David C. Roston (argued), Jeffrey P. DeJong, David H. Latham, Altheimer & Gray, Chicago, Ill., for plaintiffs-appellants.

Cary S. Fleischer (argued), Jon A. Duncan, Patrice A. Powers, Chuhak & Tecson, Chicago, Ill., for defendants-appellees.

Before BAUER, Chief Judge, and CUDAHY and EASTERBROOK, Circuit Judges.

CUDAHY, Circuit Judge.

The plaintiffs invested in an oil drilling project in 1984. They sued in 1989, claiming that they did not get what they paid for. The district court held that their claims under Section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b) (1988) (the '34 Act), and under the Racketeer Influenced and Corrupt Organizations Act (RICO), 18 U.S.C. §§ 1961 et seq. (1988), were time-barred and dismissed the pendent...

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