On January 13, 2021, the Illinois General Assembly passed House Bill 3360 (Bill) which, if signed by Governor Pritzker, would impose a 9 percent per annum prejudgment interest rate in wrongful death and personal injury tort actions. Illinois law does not currently recognize prejudgment interest in such tort actions, only allowing a post-judgment interest rate of 9 percent per annum running from the date of the judgment’s entry through the date of satisfaction. 735 ILCS 5/2-1303(a). While 5 percent prejudgment interest is permitted in certain cases where liability is clear and damages are readily ascertainable, such interest has never been permitted in personal injury cases, as damages are too difficult to calculate in advance.
Continue Reading Illinois Bill Imposing Prejudgment Interest Awaits Governor Pritzker’s Action