The defendant investment firm brought a motion for summary judgment to dismiss the plaintiffs' action as statute-barred.
The plaintiffs, who were victims of their former investment advisor's Ponzi scheme, argued they did not discover their claims against the firm until the advisor's fraud was exposed.
The court dismissed the motion, finding a genuine issue for trial regarding whether the plaintiffs, as allegedly unsophisticated investors, knew or ought to have known of their claims earlier through the exercise of reasonable diligence.
