A check of court records Friday showed that the United States Court of Appeals for the Fifth Circuit overturned the results of a Lubbock lawsuit.
In April of 2013, Charlie and Robert Rowten sued Lubbock-based Wall Street Brokerage, LLC, and Lubbock-based Caprock Securities, Inc for allegations of fraud. A jury found in favor of the Rowtens in 2015. Based on a jury verdict, a judge ordered the defendants to pay $195,390 in actual damages, plus punitive damages, attorney fees and court costs.
But the Fifth Circuit said the statute of limitations had run out.
A lawsuit of this nature must be filed within four years. The appeals court said the Rowtens either knew or should have known about the risks of the investment on the very day it was made — On September 17, 2008. The appeals court said the Rowtens claims were “time barred.”
The appeals court ruling was filed in the Lubbock court on May 16. The local lawsuit was closed on the same day.
