Court properly dismissed 9-count complaint for accounting malpractice as time-barred under statute of limitations. Section 13-214.2 of Code of Civil Procedure gives a claimant 2 years from the time they knew or reasonably should have known of the act or omission in the accountant's professional service that gave rise to their cause of action, but not more than 5 years after the date on which the act or omission occurred. Section 13-216 of Code of Civil Procedure, which tolls statute of limitations if action is stayed by injunction, order, or statutory prohibition, was not triggered by the bankruptcy filing of hedge funds in which Plaintiffs had invested. By not filing suit,l Plaintiffs provided no opportunity for bankruptcy court or trustee to intervene, and there was no specific injunction or order barring their claims. (ELLIS and HOWSE, concurring.)
Illinois Appellate Court
Civil Court
Accountant Malpractice