An essay, titled New York Needs Lawsuit Reform, written by LRANY Executive Director, Tom Stebbins, was highlighted this past weekend in the Rochester Democrat and Chronicle. The piece praises Assemblyman Morelle for his recent introduction of a bill which would reduce the rate of interest on judgments to the federal lending rate rather than the current rate of 9%. The essay goes on to explain why our state desperately needs this reform.
“Mandate relief has been a major issue in New York politics for some time and has become of critical importance since the 2008 financial crisis. Our schools and municipalities have struggled to find ways to maintain vital services while still abiding by the mandates coming from Albany.
Thanks to Democratic Assemblyman Joseph D. Morelle of Irondequoit, our municipalities may get relief from one of those mandates. Assemblyman Morelle recently introduced a bill that would tie interest on legal judgments to the federal lending rate, rather than the current 9 percent mandated by state law”.