If you receive a personal injury award
from a jury, you may gain interest on the amount. The interest accrues from the
jury verdict date until you receive the money, or your attorney enters a
judgment.
Just because a jury awarded the
plaintiff a specific amount in damages does not mean they will receive it. The
defendant has the option of appealing the decision. Depending on the results of
the appeal, the award is either reduced, sometimes increased, and occasionally
thrown out altogether. A seasoned personal injury attorney knows how to
negotiate verdict settlements so that client is assured of a certain amount of
money.
Most claims are settled before going to trial, and the plaintiff knows how much they will receive. A New York City personal injury lawyer at Douglas & London will take your case to court if the insurance company or defendant does not agree to a fair settlement.
Statutory
Interest Rates
The current interest rate environment
is very low. However, those are not the
interest rates applicable to personal injury awards. Under New York law, 9
percent is the statutory rate for pre- and post-judgment interest. This is
higher than the interest rates in federal courts. Federal courts determine
interest based on U.S. Treasury notes’ average yield. This interest rate is at
historic lows.
The high-interest rate in New York also
means that, with accumulation, the interest could exceed the amount of the
award. There have been instances in which the statutory interest rate doubled
the award amount.
Because the interest rate is so high, an
experienced lawyer can pursue the opportunity to negotiate a settlement
post-verdict. The advantage is that this means the defendant can no longer
appeal. The injured party receives the compensation they deserve without having
to worry about an appellate court decision.
Finally, there is an exception to the
9 percent statutory interest rate, and that is if the defendant is New York
City—then it is 6 percent.
Personal Injury
Judgment
If the defendant does not pay the
judgment promptly, your attorney will put together a document known as a
judgment, which is then signed by a Judge. The clerk of the court then enters
it.
The judgment outlines the jury
verdict. A court order is included in this document, which states that the
defendant owes you a particular amount of money. If you are not paid quickly, it
permits you to head to court for jury verdict enforcement.
You would receive interest on your
judgment starting on the date the county clerk enters it. You continue
receiving interest until not only the full verdict damages are paid, but also
the accrued interest. This is another area in which your lawyer can negotiate a
final settlement using the high statutory interest threat.
Keep in mind that when your lawyer
does draft such a judgment, the odds are that the defendants are considering an
appeal and may have no intention of paying you. However, if the case does go to
appeal and you win, the judgment protects your right to these interest payments.
It also allows for legal remedies to come into play to force the defendant to
pay your damages and interest.
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Personal Injury
Damages
The damages, or compensation, on which
the interest may accrue includes:
- Medical expenses,
current, and future - Lost wages
- Lost future
income - Pain and
suffering - Emotional anguish
Contact us for a
free consultation
A skilled personal injury lawyer at Douglas & London not only holds those responsible for your injuries liable but knows how to negotiate a settlement or verdict so that you receive maximum compensation. We will explain how interest on your claim works, along with ensuring you are kept up-to-date on all aspects of your case.
Arrange a free, confidential consultation by submitting our online contact form or calling or texting 24/7. Because we work on a contingency basis, there is no fee unless you receive compensation. Hablamos Español.
