A requirement in a retainer agreement compelling a client to pay 16 percent interest on unpaid fees is excessive and unenforceable, a Nassau County, N.Y., judge has ruled.
Instead, the client must pay interest on the unpaid fees at a rate of 9 percent, the amount of interest allowed by statute to be collected, both pre- and post-judgment, on amounts found collectible by courts, Nassau District Court Judge Gary F. Knobel ruled in Kutner v. Antonacci, 36363/06.
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