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Can I Recover Interest In My Lawsuit?
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Transcript of Can I Recover Interest In My Lawsuit?
S
How Do I Recover
Interest as Part of My
Lawsuit?
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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 [email protected] Gina Michel at [email protected]
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