Tuesday, December 16, 2008
Illinois State Bar Association proposes law for payment of pre-judgment interest
The Chicago Daily Bulletin reports that the assembly of the Illinois State Bar Association has approved draft legislation that would require the payment of prejudgment interest to successful plaintiffs in all civil litigation in which money damages are sought. According to an ISBA statement describing the draft legislation, ''a prejudgment interest statute would encourage quick evaluation and early settlement of civil cases. ''It is legislative recognition that the delay awaiting a money judgment is also a delay in the value of the judgment that is ultimately received. Sixteen other states have already done this.'' Not surprisingly, the proposed legislation is vigorously opposed by the Illinois Association of Defense Trial Counsel.