Limitation Periods And Investment Schemes

Cantrell v AIB Plc and others [2017] IEHC 254

The High Court in Cantrell has recently determined a number of preliminary issues involving the circumstances that will bar a plaintiff's claim under the Statute of Limitations. These, and other related sets of proceedings, were stated to be "pathway cases" seeking damages against a number of defendants. In this case the court was asked to determine when time limits started to run for claims involving breach of contract and negligence arising from property investment schemes ("PIS").

Facts

These proceedings involved a number of plaintiffs who had invested in various PIS. The plaintiffs' monies were pooled together with monies from other investors for investment in various properties. Each plaintiff was attracted to this opportunity by a prospectus issued by the defendants. The prospectus stated that the directors would accept responsibility for the information contained in it by taking reasonable care to ensure the legitimacy of...