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HOVDE v. ISLA DEVELOPMENT LLC

No. 21-2894.

51 F.4th 771 (2022)

Eric D. HOVDE and Steven D. Hovde, Plaintiffs-Appellants, v. ISLA DEVELOPMENT LLC and Jeffrey T. Riegel, Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided October 24, 2022.

Attorney(s) appearing for the Case

Carson P. Veach , Attorney, Miller Canfield Paddock & Stone, Chicago, IL, Paul D. Hudson , Attorney, Miller Canfield Paddock & Stone, Kalamazoo, MI, for Plaintiffs-Appellants.

Gregory J. Jordan , Mark Richard Zito , Attorneys, Jordan & Zito LLC, Chicago, IL, for Defendants-Appellees.

Before Rovner, Wood, and St. Eve, Circuit Judges.

Jeffrey Riegel sought to build a condominium development in Isla Mujeres, and toward that end he formed ISLA Development LLC ("ISLA") and secured a loan of millions of dollars from Steve and Eric Hovde. That project, however, ultimately failed, and more than ten years later, the Hovdes filed suit seeking to recover their funds...

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