S

How Do I Recover

Interest as Part of My

Lawsuit?

If you find this video helpful, let us know and LIKE it!

Interest

The legal rate of interest is either 7% or 10% depending upon type of case. With court backlogs, cases are taking longer. Interest really adds up!

In General

ü Depending on case, you may be entitled to pre and post judgment interest

ü  To recover interest, you must request it your prayer for relief in your complaint

ü Generally applies to contract and tort claims

Can I recover interest?

•  Recovery depends on type claim, applicable statutes, and the court’s discretion •  You must be the prevailing party to

recover any interest Ø  Prevailing party is the winner Ø  No prevailing party if you settle

Breach of Contract Claims

Is “claim liquidated” (damages ascertainable)? •  Yes: can recover interest from the date of breach •  No: can recover interest from the date action filed

Does contract provide a rate of interest*?

•  Yes: court will apply this rate to your claim •  No: legal rate is 10% per annum

* Must not be a legal rate and not usurious

Tort Claims (negligence and intentional

wrongful conduct)

ü  Interest is usually imposed from date of injury/wrongdoing

ü  For property damage, interest is imposed as a matter of law

ü  For other non-contract claims, interest is discretionary

ü  Interest is 7% per annum

Statutory Claims

Certain statutes specifically provide for the

plaintiff’s recovery of interest from a defendant

who has violated the statute.

Contact us today for immediate help

www.bc-llp.com 888.809.1235

Paula Reno at preno@bc-llp.com Gina Michel at gmichel@bc-llp.com

If you found this video helpful, let us know and

LIKE it!