Update to Illinois Bill Seeking to Impose Prejudgment Interest in Tort Actions
We previously reported on the Illinois General Assembly’s passage of a prejudgment interest bill that would have imposed interest at a rate of nine percent (9%) per year on all damages in personal injury and wrongful death lawsuits in Illinois. (See February 23, 2021, Blog). On March 25, 2021, Illinois Governor J.B. Pritzker vetoed House Bill 3360. After this veto, the Illinois Legislature passed a new version of the legislation under Senate Bill 72. Among other things, this new legislation lowers the prejudgment interest rate to six percent (6%) and provides that interest will not accrue “for longer than five (5) years.” This Bill has passed both the House and the Senate and was sent to Governor Pritzker on April 1, 2021. The Governor has 60 days to sign the Bill into law or veto it. If he takes no action, the Bill automatically becomes law after that 60 days expires, or in this case, on May 31, 2021.
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