Each state as its own statute of limitations that relate to claims of investment losses, relating to claims for fraud and deceit, negligent misrepresentations, negligence, breach of contract, breach of fiduciary duty and negligent supervision. For example, in Florida the statute of limitations is contained in Chapter 95 of the Florida Statute. Generally, actions on the following claims must be commenced as follows:
1. Actions for breach of a written must be commenced within five years (Florida Statute 95.11(2)(b).
2. Actions for breach of fiduciary duties must be commenced within four years (Florida Statute 95.11(3)(p).
3. Actions for breach of an oral contract must be commenced with four years (Florida Statute 95.11(3)(p).
4. Actions for negligence must be commenced within four years (Florida Statute 95.11(3)(a).
5. Actions for fraud must be commenced within four years (Florida Statute 95.11(3)(j).
6. Actions for violations of the Florida Securities Investor Protection Act, Chapter 517 of the Florida Statutes must be brought within two years from the date of discovery but no longer than five years from the date of the event giving rise to the claim (Florida Statute 95.11(4)(e).
As it relates to some of the above claims there are some triggers that start the limitations period. But why take the chance. It is always better to commence the action within the appropriate time period so that it does not become an issue. It is for this reason that we are issuing this investor alert for 2007 through 2008 stock market losses. Time is of the essence.
It is critical that you contact a qualified securities attorney relative to these issues. A qualified attorney might be able to, by utilizing his experience with the securities industry, to figure out a way to extend the limitations period under those statutes which require discovery of the violation.