Many claims have now reached their six year limitation period
following the financial crisis of 2008.
In Kays Hotels Ltd v Barclays Bank Plc
[2014] EWHC 1927 the claimant was time barred from its breach
of contract and breach of statutory duty claims. However, it
sought a three year extension for its negligence action under s14A
of the Limitation Act 1980, on the basis that the facts relevant to
the cause of action were not properly known to the claimant at the
time when the cause of action accrued.
The claimant's case was that the derivative product was not
suitable because it exposed the claimant to an
"excessive" risk. Mr Justice Hamblen considered the
following:
If the complaint had simply been that the claimant had been
advised that he would incur no interest rate loss, then one could
understand that as soon as it became apparent that the claimant was
having to pay interest rate losses, he would or should have known
the facts necessary to investigate
