The Judicial Interest Rate for 2024 in the State of Louisiana has been set at 8.75%. This is the highest the rate has been since 2007.
Generally, judicial interest is interest payable on a judgment that has not been satisfied. Depending on the underlying basis for the judgment, the date that the interest begins to accrue can be before the judgment is rendered. For example, La. R.S. 13:4203 provides, “Legal interest shall attach from date of judicial demand, on all judgments, sounding in damages, ‘ex delicto’, which may be rendered by any of the courts.”
In Workers Compensation matters, La. R.S. 23:1201.3 states, “Any compensation awarded and all payments thereof directed to be made by order of the workers’ compensation judge shall bear judicial interest from the date compensation was due until the date of satisfaction. The interest rate shall be fixed at the rate in effect on the date the claim for benefits was filed with the office of workers’ compensation administration.”
La. R. S. 13:4202 sets forth the method for the annual calculation of judicial interest in Louisiana: “The commissioner of financial institutions shall ascertain, on the first business day of October of each year, the Federal Reserve Board of Governors approved ‘discount rate’ published daily in the Wall Street Journal. The effective judicial interest rate for the calendar year following the calculation date shall be three and one-quarter percentage points above the discount rate as ascertained by the commissioner.” In consideration of these factors set by statute, the Judicial Interest Rate for 2024 will be set at 8.75%.
For context, the historic rates for the last 20 years are:
2023- 6.50%
2022- 3.50%
2021- 3.50%
2020- 5.75%
2019- 6.00%
2018- 5.00%
2017- 4.25%
2016- 4.00%
2015- 4.00%
2014- 4.00%
2013- 4.00%
2012- 4.00%
2011- 4.00%
2010- 3.75%
2009- 5.50%
2008- 8.50%
2007- 9.50%
2006- 8.00%
2005- 6.00%
2004- 5.25%