From the Madison County Record
A bill that will increase the amount of interest personal injury plaintiffs can collect if successful in court easily passed in the House early in the morning Wednesday, 69-42.
House Bill 3360, sponsored by Rep. Jay Hoffman (D-Belleville) and Rep. Marcus Evans, Jr. (D-Chicago), will lengthen the pre-judgment interest accrual period to when an alleged wrongdoer has notice of the injury versus when a plaintiff files suit. Because of the state’s statute of limitations law, that could add as much as two years of interest at 9 percent a year owed by defendants.
The bill was among a few controversial proposals rammed through just before the legislature’s lame duck session ends Wednesday and members elected in November are seated.
It came together in just a few days. The bill passed the House in April 2019 as a mortgage foreclosure filing fee proposal, but then died in Rules after moving to the Senate. It was resurrected Jan. 11, amended as a pro-trial lawyer bill.
“This legislation further tilts the playing field in the direction of the trial bar,” said critic John Pastuovic, president of the Illinois Civil Justice League.
“House Bill 3360 encourages the expansion of frivolous lawsuits and puts pressure on small businesses and other companies to settle lawsuits or face crushing financial consequences. They are essentially being forced to choose between going to trial or settle to stop the interest meter from running. This is the last thing that business needs to contend with during the ongoing COVID crisis.”