The Illinois legislature passed legislation that would change the landscape in Illinois with regard to prejudgment interest. The bill is currently on the governor’s desk, and Gov. Pritzker must take action by early April.
H.B. 3360 is a proposed amendment to 735 ILCS 5/2-1303, the Illinois statute regarding judgments. The proposed amendment adds section (c), which provides, in personal injury or wrongful death actions, the plaintiff shall recover prejudgment interest on all damages. Prejudgment interest shall begin to accrue on the date the defendant has notice of the injury from the incident itself or a written notice. The amount is calculated at the rate of 9% per annum. Defendant government bodies are exempt from prejudgment interest.
The bill is effective immediately upon enactment. For injuries or wrongful deaths occurring prior to the effective date of the amendment, the prejudgment interest shall begin to accrue on either the effective date of the amendment or the date the tortfeasor has notice of the injury, whichever is later.