Legal Question in Personal Injury in Ohio
I just received a settlement a couple months ago and there is something I am curious about. The Judgement Entry reads " It is ordered and adjudged that Plantiff recover of Defendant the sum of $50,605 with interest as provided by law and costs assesed against Defendant". What exactly would be the "interest and costs as provided by law"?? This lawsuit took exactly 4 years to the day to get to court (5/16/06-5/17/2010). Attorney already took his 1/3 and I'm still waiting on the rest of mine. I actually spent $2250 of my own money to hire the doctors to come in. So far I've only received $3200 total. I'm $950 to the good so far. Went through one shoulder surgery and needing neck surgery.
Thanks, D. Miller
2 Answers from Attorneys
Section 1343.03(A) of the Ohio Revised Code establishes interest rates for both
prejudgment and post-judgment interest. Costs are generally the fees and charges required to be paid to the courts or their officers (e.g., filing and service fees). In many instances, costs are fronted by your attorney and he/she is later reimbursed.
http://www.mckenzie-snyder.com/
Mr. Miller
In order to obtain prejudgment interest it must be proven that the defendant did not act in good faith in negotiations and your attorney would have had to file a Motion for prejudgment interest. If the case was settled rather than tried to a jury it is likely that you have waived any potential for prejudment interest. If the settlement is being paid over time then the current rate of interest will apply on any amount of the settlement until it is paid in full. The current rate of interest on a settlement that has been reduced to judgment (post-judgment interest) is around 5% or so. Costs of the litigation are customarily paid from the clients recovery. Hope this helps
www.mishkindlaw.com
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