Legislature Takes Action to Insure Prompt Payment to Injured Parties
Within the past month, both houses of the Illinois legislature passed Senate Bill 1912, which provides that a settling defendant must pay all sums due to a settling plaintiff (the party bringing suit) within 21 days of tender by the plaintiff to the defendant of a properly executed release.
This bill, which would prevent defendants from agreeing to settle a case on paper and then dragging their feet on payment for months or even years, also provides for significant interest charges, calculated from the date of release, on any amounts of the settlement unpaid as of the legal due date.
The legislation also requires defendants to tender a form of release to plaintiffs within 14 days of reaching an agreement to settle, while imposing on all plaintiffs a duty to obtain court approval of their settlements in timely fashion whenever so required by law.
Governor Pat Quinn is expected to sign the bill, which Gregory Shevlin, President of the Illinois Trial Lawyers’ Association, has lauded. “The families who need this legislation most are those who must deal with the consequences of [a defendant’s] error immediately,” said Shevlin in a published letter.
This initiative represents a big step forward for injured parties, who are often battling against a series of stonewalling and delaying tactics in order to obtain the compensation to which they are justly entitled in the event of a verdict or settlement.
The firm of Cogan & Power, P.C. has long supported injury victims in their efforts to seek justice in a timely and effective manner. We view this legislation as fundamentally just and fair, and give it our full support.
If you or someone you love has suffered a costly and painful injury, and you want to know if there may be a legal remedy for your damages, please do not hesitate to contact our office at (312) 436-0731 to speak with a qualified personal injury attorney who can help you determine if and how you might have been harmed, and what you can do about it. You can also check out our Website for more information about our law firm, Cogan & Power, P.C.