On January 25, 2010, Mayor Bloomberg provided testimony in front of the joint New York State Assembly Ways and Means Committee and the Senate Finance Committee about the impact of Governor Paterson’s proposed budget on New York City. In this testimony, he clearly endorses the concept of meaningful lawsuit reforms, some of which are actually included in the Governor’s budget proposal.
The Mayor commended the Governor’s budget on several points including, “… end a requirement that the City pay extraordinarily inflated 9 percent interest to plaintiffs on court-ordered civil judgments. Today, no one gets 9 percent. The fairer, Treasury-bill-pegged rate the Governor proposes would save the City at least $1 million a year.”
Later in his testomony, he called on the State leaders to adopt several other initiatives including, “common sense tort reforms already on the book in many state, which would save our City more than $140 million a year in civil judgement.”
Again, we at New Yorkers for Lawsuit Reform couldn’t agree more!