The Additional Cost of an Adverse Judgment: Illinois’ New Prejudgment Interest Act

Share

Recent legislation will have a significant impact on the evaluation of personal injury and wrongful death cases across Illinois.  For many years, Illinois plaintiffs in personal injury and wrongful death actions have been entitled to statutory postjudgment interest, currently at a rate of 9% per year. (735 ILCS 5/2-1303(a)). Prejudgment interest, however, has not been available under the Illinois judgment interest statute. That is about to change. The Illinois legislature recently passed Senate Bill 72, the Illinois Prejudgment Interest Act, which goes into effect on July 1, 2021, and imposes prejudgment interest on defendants at a rate of 6% per year.

Read the full article on the Faegre Drinker website.

About the Author: Michael J. Kanute

Mike Kanute develops solutions for corporate and individual clients defending products liability, negligence, toxic tort, premises liability and other tort cases.

About the Author: Blake Angelino

Blake litigates, advises and assesses risk on behalf of clients in complex litigation, including product liability and mass torts, as a member of the firm’s nationally ranked product liability group. Blake has represented numerous Fortune 500 companies in the life sciences, compressed and natural gas, and construction sectors. Particularly, he collaborates with teams to represent drug and device clients to protect and defend their life-changing products.