7th Circ. Says Clock Ran Out On Title Co. Ponzi Suit

Law360, New York (January 6, 2012, 5:09 PM EST) -- The Seventh Circuit on Friday affirmed a district court ruling that the five-year statute of limitations had passed in a suit in which investment firm Independent Trust Corp. accused title insurance underwriter Stewart Title Co. of furthering a $68 million Ponzi scheme.

In a unanimous opinion, the appeals court upheld an Illinois federal court's decision to toss the case as time-barred, finding that Illinois' adverse domination doctrine — which pauses the statute of limitations on claims brought by a corporate plaintiff if the corporation is still...
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