Sassoonian v. City of New York

OPINION OF THE COURT

Harold Tompkins, J.

The exercise of the court’s discretion to fix the interest rate *661on a judgment is the issue before this court. It arises in the context of a motion by the defendant City of New York to set aside a judgment entered by the County Clerk* in the principal sum of $1,750,000 after a jury verdict plus interest at 9% and to instead enter a judgment with an interest rate set at 5.73% (the average yield on one-year United States treasury bills for the year prior to the verdict).

In assessing the appropriate rate of interest, the court must resort to the statute that…