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Expert Analysis

Minnesota's Law Of Prejudgment Interest Needs Clarity

By Michael Olafson (June 27, 2017, 12:52 PM EDT) -- In Woods v. K. R. Komarek Inc.,[1] the United States District Court for the District of Minnesota recently held that the 6 percent interest rate of Minn. Stat. § 334.01, rather than the 10 percent interest rate of Minn. Stat. § 549.09, applies to awards of prejudgment interest in cases where money damages are liquidated or readily ascertainable.[2] The Woods court noted that the Minnesota Court of Appeals has issued inconsistent decisions on this issue, but followed Hogenson v. Hogenson,[3] apparently because it is the most recent decision from the Minnesota Court of Appeals on this issue. The Minnesota Supreme Court has not addressed this issue....

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