Clock spells end for lawsuit by investors

Trial Notebook

By Steven P. Garmisa

Hoey & Farina

Posted April 9, 2019 9:13 AM

Trying to sidestep the three-year deadline set by the Illinois Securities Law, five investors who lost $10 million when Fisker Automotive collapsed came up with a choice-of-law argument the 7th U.S. Circuit Court of Appeals called “ambitious, but not supported by law.”The problem for the plaintiffs was that the Illinois countdown — which starts running when the plaintiffs knew or reasonably should have known about the alleged misconduct — broadly applies to all claims that could have been based on …

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