Bill > H1440

This bill proposes to change how interest is calculated on "treble damages," which means damages awarded in a lawsuit that are three times the actual amount of harm suffered, often in cases of intentional or egregious wrongdoing, particularly under Chapter 93A, a Massachusetts law concerning unfair or deceptive business practices. Currently, the interest rate on these damages might be higher, but this bill aims to cap it at a rate no more than the weekly average 1-year constant maturity Treasury yield, which is a benchmark interest rate reflecting the average yield on U.S. Treasury securities with a one-year maturity, for the period from when the breach or demand occurred until the judgment is finalized. This change would apply to actions based on violations of Chapter 93A that result in a court awarding treble damages.