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by arlowalsman | Jun 14, 2021 | Firm News
On May 28, 2021, Governor Pritzker signed into law a prejudgment interest bill. See 735 ILCS 5/2-1303. Under the new law, six percent interest will begin to accrue on all personal injury and wrongful death actions on the date the action is filed. However, the prejudgment interest will not apply to punitive damages, sanctions, and statutory attorney’s fees and costs.
The prejudgment interest will also only apply if the judgment awarded to the plaintiff is higher than the defendant’s highest written settlement offer. For injuries that occur before the effective date of the new law, prejudgment interest begins to accrue on the date the lawsuit is filed, or on the effective date of the new law, whichever date is later.
The new law is seen as as significant set forward in Illinois, because it will incentivize defendants to settle meritorious lawsuits and allow injured plaintiffs to avoid lengthy and unnecessary pretrial delays.