The economic loss rule bars recovery in tort where the claim is essentially one for breach of contract. Lincoln Park West Condominium Association v. Mann, Gin, Ebel & Frazier, 136 Ill.2d 302, 307 (1990)(economic loss rule generally). “Economic loss” means (i) damages for inadequate value, (ii) costs of repair and replacement of the defective product, …
Tag Archives: discovery rule
Discovery Rule Saves Plaintiffs’ Fraud Claims Against Investment Firm (IL – 2d Dist)
Rasgaitis v. Waterstone Financial Group, Inc., 2012 IL App (2d) 111112-U, a 20-plus page Second District case, presents a detailed synopsis of Illinois agency law, the discovery rule and the “forward-looking” fraud rule (statements of future intent or opinion do not equal fraud). Facts: The plaintiffs sued the defendant financial services firm and two of its agents for fraud …