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I am Loren, a licensed attorney for over 30 yrs. Thank you for your patience as I review the question. I will post my response shortly.
There is a two year statute of limitations in CA for such claims, which starts running upon possession, not discovery.
So, if this was regarding a transaction from 12 yrs ago, or so, the claim is time barred.
If you are the prospective claimant, I am sorry, I wish I could tell you otherwise, but I do not want to see you spinning your wheels.