Bill > A07468

This bill addresses delays in settlement payments by modifying several sections of New York civil law to require that court-approved settlements include interest payments on the settlement amount. Specifically, the bill mandates that for settlements requiring court approval (such as those involving infants, incompetent persons, or conservatees), the court order must provide for interest to be paid at the statutory judgment interest rate. The interest will begin accruing either 15 days after the settlement is entered into (or 61 days for municipal or state entities) and continue until the court order is signed. The bill includes special provisions for settlements involving annuities, ensuring that interest is not computed on the present value of the annuity if it is funded on time, but will accrue on any late periodic payments. Additionally, the bill requires that the settlement date and terms be documented in writing or court transcript to help calculate the interest period. The legislation aims to provide more financial protection and clarity for plaintiffs in settlement cases by ensuring timely compensation and accounting for potential delays in payment.

Justice

https://www.nysenate.gov/legislation/bills/2025/A7468