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House Judiciary hears competing views on interest‑rate reform and litigation funding
Summary
The House Committee on Judiciary heard testimony on H7033 (tying pre/post‑judgment interest to a Treasury‑linked rate) and H7080 (regulating third‑party litigation financing). Industry groups said changes could lower insurance costs; plaintiffs' advocates warned of consumer harm and predatory rates.
The House Committee on Judiciary heard two related measures January 29 that backers said are aimed at reducing insurance costs and opponents called risks to plaintiffs.
Representative Finkelman introduced H7033, which would change Rhode Island’s flat 12% pre‑ and post‑judgment interest to a variable rate tied to recent U.S. Treasury yields, and H7080, which would create disclosure and regulatory requirements for third‑party litigation financing.
Proponents from the insurance industry said the bills address affordability. Jonathan Schreiber of the American Property Casualty Insurance…
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