Esser Distributing Co. v. Steidl

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.

We agree with the plaintiffs insofar as common-law fraud is a separate claim with separate remedies and a separate statute of limitations. Therefore,…