A recent decision by the New York State Supreme Court, Appellate Division, First Department, takes its place among the limited but growing body of caselaw involving lawsuits by hedge fund managers and others against law firms.  See, e.g., “Dismissal of Fortress’ Complaint Against Dechert Illustrates the Limits of a Hedge Fund Manager’s Ability to Rely on a Legal Opinion Issued by a Law Firm of Which It Is Not a Client,” Hedge Fund Law Report, Vol. 4, No. 44 (Dec. 8, 2011); “SEC Receiver for Arthur Nadel’s Scoop Capital Hedge Funds Moves to Settle Malpractice Claim Against Law Firm Holland & Knight,” Hedge Fund Law Report, Vol. 5, No. 36 (Sep. 20, 2012).  This decision addressed the question: When does the limitations period start running in a suit by a hedge fund manager principal against a law firm for deceit?  For hedge fund managers, the decision provides important insight on when to bring such a claim.  For law firms, the decision illustrates how to effectively deploy a statute of limitations defense.