On May 28, Governor Pritzker signed SB72, which amends the Illinois Fascination on Judgment statute (735 ILCS 5/2-1303) (the “Act”). The Act grants prejudgment desire for economic and non-financial damages accruing at a price of 6% for every annum to a plaintiff in a individual personal injury or wrongful demise motion. The Act applies to an award of damages (distinctive of punitive damages, sanctions, and statutory attorney’s fees and costs) from the day match is submitted until finally the day until finally judgment is rendered (with a 5-calendar year limitation on fascination that can be awarded). If a plaintiff voluntarily dismisses an action, the prejudgment desire will be tolled from the day of the voluntary dismissal to the date the motion is re-submitted. Even further, if the judgment is higher than the optimum prepared settlement present produced by the defendant in 12 months after the afterwards of the helpful day of the Act or the filing of the action and not approved by the plaintiff in just 90 days, curiosity is only additional to the variation concerning the sum of the judgment (minus punitive damages, sanctions, and statutory attorney’s charges and costs) and the highest published settlement provide. No prejudgment fascination will be awarded if the judgment is a lot less than the penned settlement supply.
The law is inapplicable to a unit of local govt, faculty district, community faculty district, nor any other governmental entity. For any private personal injury or wrongful dying transpiring right before the efficient date of the Act, prejudgment desire shall begin to accrue on the later on of the date the action is submitted or the productive date of the Act. Notably, the Act will most likely also implement to personalized injuries and wrongful demise steps submitted in or eliminated to federal courtroom pursuant to diversity jurisdiction.