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.

New Yorkers for Lawsuit Reform applauds Assemblyman Ortiz’ recent bill introduction (A.10695) which will set a new fee schedule for personal injury trial lawyers depending on the size of the judgement.  Click here to see a copy of the full NYLR news release.

This bill is an important step in helping to get monies to the victims and, in cases like the settlement of the September 11 claims, will help expedite such settlements.  A Federal Court judge recently overturned a settlement agreement in the September 11 case because it would have — among other things — provided more than $200 million to trial lawyers instead of the families of the victims and the heroes.

New Yorkers for Lawsuit Reform has sent a memo of opposition to all New York State legislators opposing S.5389/A.7891.  This legislation, which purports to protect consumer interests, actually helps to protect the lawsuit lending industry and it could lead to the expansion of this dangerous — and expensive for all New Yorkers — practice.

Lawsuit lenders front money to private plaintiffs engaged in pending litigation for a percentage of any future recovery plus interest.  This practice — frowned upon since the ancient Romans — tends to increase settlement values (as plaintiffs have an incentive to “hold out” for more dollars when they realize that a large percentage of their recovery is going to end up in the hands of the lender) and prolong litigation (the interest charged on these lawsuit loans can be quite high so the longer the settlement process, the more money that the lenders make).

NYLR will be launching a grassroots campaign against this dangerous practice.  Look for more information soon.  In the meantime, click here to download the NYLR memo on the proposed legislation.