Prejudgment Interest Act

Illinois Governor J.B. Pritzker recently signed into law SB0072 (the “Prejudgment Interest Act”), a revised version of the bill he had previously vetoed and that we discussed in a prior alert. The Prejudgment Interest Act will amend the Code of Civil Procedure (735 ILCS 5/2-1303) to provide plaintiffs with prejudgment interest on certain damages awarded in Illinois personal injury and wrongful death cases.[1] While the new law dials back some of the controversial aspects of its predecessor bill – for example, the nine percent interest accruing when the defendant receives notice of the injury – the new law still increases the potential risk that companies face in defending personal injury and wrongful death suits. Unlike the earlier bill, however, the new law gives defendants an opportunity to reduce their risk through settlement offers.
Continue Reading UPDATE: Companies Defending Personal Injury or Wrongful Death Suits in Illinois Now Face Prejudgment Interest