The defendants brought a motion for summary judgment seeking dismissal of an investment-related civil claim on the basis that it was statute‑barred under the Limitations Act, 2002.
The plaintiff alleged negligence, misrepresentation, breach of fiduciary duty and deceit arising from a leveraged investment arrangement arranged through financial advisors.
The court held that the plaintiff knew, or ought reasonably to have known, of the material facts giving rise to the claim by May 2009 at the latest.
Because the statement of claim was not issued until January 2012, the action was commenced outside the two‑year limitation period.
The motion for summary judgment was granted and the action dismissed.