Laila Abou-Rahme and Stephen Scotch-Marmo of Bingham McCutchen write: New York's fixed prejudgment interest rate may have once made sense, but for many years now, it has lagged behind the market. It may be time for a return to a market rate. Even if constitutional, rates that are too high or low are unfair and can discourage settlement. As other states have concluded, a floating rate is a reasonable alternative.
Is It Time for N.Y.'s Prejudgment Interest Rate to Float?
New York Law Journal
September 9, 2013