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VAN DYKE v. COBURN ENTERPRISES, INC.

No. 88-5104.

873 F.2d 1094 (1989)

Les VAN DYKE, Ben Steensma, Larry Van Dyke, and Jim Reese, Appellants, v. COBURN ENTERPRISES, INC., James H. Coburn, Thomas M. Coburn, Rose Ann Peterson, James M. Coburn, Roger McKellips and State Bank of Alcester, Appellees.

United States Court of Appeals, Eighth Circuit.

Decided April 28, 1989.

Rehearing Denied June 5, 1989.

Attorney(s) appearing for the Case

Thomas K. Wilka, Sioux Falls, S.D., for appellants.

Lawrence L. Piersol, Sioux Falls, S.D., and David C. Humphrey, Yankton, S.D., for appellees.

Before HEANEY and BEAM, Circuit Judges, and LARSON, Senior District Judge.

HEANEY, Senior Circuit Judge.

This action involves a securities transaction between a small South Dakota company, Coburn Enterprises, and four Minnesotans. After the deal went sour, the four Minnesotans brought an action against Coburn Enterprises, its shareholders, the State Bank of Alcester (Bank) and the Bank's president for violations of state and federal law. The district court directed a verdict against appellants...

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