Judge weighs time limits on Venezuela notes suit

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COLUMBUS, Ohio (AP) — A federal judge is ready to hear arguments about the timeliness of an investors' lawsuit seeking to collect $100 million on three-decade-old Venezuelan promissory notes.

At stake is the future of the suit filed by Columbus-based Skye Ventures seeking payment on the notes from a defunct government-sponsored bank in Venezuela.

A court meeting to discuss the question of whether Skye Ventures filed its lawsuit within the exiting statute of limitations has been scheduled for May 31.

U.S. District Court Judge Edmund Sargus noted serious concerns in a ruling last week about the timeliness of Skye Ventures' lawsuit.

Skye Ventures filed the suit in 2004, long after the notes reached maturity, but the company argues the Venezuelan government extended the life of the notes to 1999, within the statute of limitations.

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