Litigation Alert: Florida’s statutes of limitation apply to arbitrations

For the second time in as many months, the Supreme Court of Florida has handed down an important opinion of broad application to Florida’s business community. In the wake of restricting the economic loss rule to only products liability cases in Tiara Condominium Association, Inc. v. Marsh & McLennan Companies, Inc., No. SC10-1022 (March 7, 2013), the Supreme Court of Florida held last week inRaymond James Financial Services, Inc. v. Barbara J. Phillips, et al., No. SC11-2513 (May 16, 2013) that Florida’s statutes of limitation apply to arbitrations.