Statutes of Limitation
A statute of limitations sets a limit of the maximum amount of time after a wrong occurs in which a person harmed by that wrong may file a lawsuit. Each state sets its own limitations periods and these periods are often different for different kinds of cases. The limitations periods for lawsuits alleging fraud are as follows.
In Illinois, the statute of limitations for filing a fraud claim is 5 years. In addition, if fraudulent means are used to keep a person from knowing about a claim, a case may be filed within five years of when the person learns about the fraud.
735 Ill. Comp. Stat. § 5/13-205
735 Ill. Comp. Stat. § 5/13-215