Litigation takes time. Contract disputes are no exception. In the post-crisis era of near zero interest rates, New York’s 9 percent prejudgment interest rate can actually prove to be a plaintiff’s best investment strategy. The New York 9 percent rate runs in contract cases from the “earliest ascertainable date the cause of action existed” to the verdict or decision (CPLR 5001, 5004), then continues to accrue at the above-market rate through judgment (CPLR 5003). In the current low-rate environment, this means one thing: Time is on plaintiffs’ side.
Are there options available to defendants to stop the clock on statutory prejudgment interest in contract disputes?
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