NYLR has issued a memo in opposition to S.7035 (Schneiderman)/A.2874 (Weinstein). The bill would for the first time impose interest costs of 9% upon defendants for post settlement delay due solely to conduct beyond the control of the defendant. The bill would add additional costs to a tort system which is rated as one of the worst in the United States. The State, its municipalities, not-for-profits, health providers and businesses simply cannot afford to add costs to a system which in comparison to our sister states is already broken.
Click here to see and download NYLR’s full memorandum in opposition.