If you choose to file a lawsuit to recover damages from a defective product, you must file a lawsuit or settle your case before the statute of limitations expires. The statute of limitations is a deadline set by law that provides a timeline for initiating a lawsuit. Statutes of limitations vary by type of claim and state, and they begin to run on the day of the accident or the day the plaintiff discovered their injury. Your attorney will ensure that your case will not risk dismissal for failure to comply with the statute of limitations.