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SCHAAF v. RESIDENTIAL FUNDING CORP.

No. 06-3694.

517 F.3d 544 (2008)

Vernon SCHAAF; Julian Boik; Alfred Streufert, on behalf of themselves and others similarly situated, Plaintiffs/Appellants, v. RESIDENTIAL FUNDING CORPORATION; Heller Financial, Inc., Defendants/Appellees, Marshall & Isley Bank, Defendant.

United States Court of Appeals, Eighth Circuit.

Filed: February 22, 2008.

Attorney(s) appearing for the Case

Vernon Jay VanderWeide, argued, Minneapolis, MN, Thomas V. Seifert, Minneapolis, MN, and JOhn A. Cochrane, St Paul, MN, on the brief, for appellant.

Larry Dale Espel, argued, Monte A. Mills, on the brief, Minneapolis, MN, for appellee Heller.

James K. Langdon, II, argued, Andrew J. Heller, on the brief, Minneapolis, MN, for appellee Residential Funding.

Before WOLLMAN, BEAM, and COLLOTON, Circuit Judges.

COLLOTON, Circuit Judge.

Investors Vernon Schaaf, Julian Boik, and Alfred Streufert appeal the district court's1 dismissal of their claims against Residential Funding Corporation (RFC) and Heller Financial, Inc. The district court concluded that the investors failed to plead a sufficient causal nexus between their financial losses and the allegedly fraudulent actions of RFC and Heller. Alternatively, the district court rejected the investors...

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