Interesting High Court ruling on six year time limit for legal action against ACC

[Brendan Burgess]

Today's Irish Times [broken link removed]that the High Court has allowed an investor in the Solidworld Bond to sue ACC although the alleged misselling of the bond took place more than 6 years ago - the statutory time limit.

While Mr Gallagher initiated his action more than six years after purchasing a bond in October 2003, the judge found his case was not statute-barred because any potential damage to him only became complete when his financial loss “crystallised” upon maturity of the bond five years and 11 months later, rather than at the time of purchase in 2003.