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ESSER DISTRIBUTING CO. v. STEIDL

No. 87-1214.

145 Wis.2d 160 (1988)

426 N.W.2d 63

ESSER DISTRIBUTING CO., INC.; Roderick C. Patterson; Joseph F. Madrigrano; Blanche Truss; Joan M. Cline; Vauruska Distributing, Inc.; Benedict Drewek; Gladys Drewek; Richard F. Heiden; Philip J. Olson; John Jankowski; Dorothy Jankowski; Arnold Vogel; Beverly Vogel; Jack Suworoff; Laura Suworoff; Richard Knapp; Judith Knapp; Dr. Ronald J. Holzhauer; Guido Gentile; Grace Gentile; Marino Pisani; Mary Pisani; Edward Blohm; Lena Blohm; Robert Heise; Rochelle Heise; Alfred Dobner; Johanna Dobner; Allied Industries, Inc.; Donald Dergin; Joan Dergin; Robert E. Smith; Edward Grudnowski; Janice Grudnowski; Schellgell Food Service, Inc. and Schmitt Bros. Mdse., Inc., Plaintiffs-Appellants, v. E.R. Thomas STEIDL, Defendant-Third Party Plaintiff-Respondent, v. Timothy KILEY; Robert S. Hammerschlag; Robert M. Weiss; Joseph F. Madrigrano; Carl Farah; B. Carl Froemming and Thomas O. Johnson, Third Party Defendants.

Court of Appeals of Wisconsin.

Decided May 4, 1988.

Attorney(s) appearing for the Case

On behalf of the plaintiffs-appellants the cause was submitted on the brief and oral argument of Eugene J. Brookhouse of Brookhouse & Brookhouse, of Kenosha.

On behalf of the defendant-third party plaintiff-respondent the cause was submitted on the brief and oral argument of Louis D. Kaiser, of Hartland.

Before Scott, C.J., Brown, P.J., and Nettesheim, J.

SCOTT, C.J.

The plaintiffs appeal an order dismissing their securities fraud and common-law fraud claims against E.R. Thomas Steidl. They argue that the common-law fraud claims should be governed by the six-year statute of limitations for fraud rather than the three-year limit contained in sec. 551.59(5), Stats. Further, the plaintiffs claim that the three-year period for bringing securities fraud claims should not begin to run until discovery of the fraud.

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