In New York, the statute of limitations for fraud is the longer of six years from the wrongful conduct or two years from when the party knew, or should have discovered, the fraud.  This particular statute of limitations was at issue in a case filed by investors against CSAM Capital, Inc., the general partner of a high-risk exchange fund, and allegedly related entities (collectively referred to as CSAM), alleging, among other things, fraud in connection with the loss of their investments in the fund.  In this action, billionaire Ronald Lauder and other investors in the exchange fund brought an arbitration claim against the fund’s general partner, CSAM Capital Inc., alleging that CSAM had fraudulently misrepresented the qualifications of the fund employees who were responsible for the fund’s hedging strategy.  We describe the allegations in the case, the factual background, the trial court decision and the First Department’s decision and legal analysis.