The defendants brought motions for summary judgment seeking dismissal of an investment loss claim on the basis that it was commenced outside the two‑year limitation period under the Limitations Act, 2002.
The remaining plaintiffs alleged losses arising from an offshore hedge fund investment and argued that the limitation period should begin only after they received legal advice.
The court held that the plaintiffs had actual knowledge of the material facts required under s. 5(1)(a) when they learned their investment was lost and expressed their intention to sue.
The court rejected the argument that a plaintiff’s lack of financial sophistication delays discoverability until legal advice is obtained.
The claim was discovered no later than July 31, 2007 and the September 2009 statement of claim was therefore statute‑barred.
