South Carolina Personal Injury Law Blog

SEC to Back Plaintiffs in Enron Case

The Securities Exchange Commission will support investors who hope to hold banks liable for allegedly facilitating fraud by Enron against its shareholders. The SEC support is expected to bolster the shareholders’ upcoming Supreme Court case. The decision marks a victory for plaintiff attorneys after intense lobbying over the issue. 

Source:  "SEC to Side With Enron Plaintiffs" by Carrie Johnson, published in The Washington Post.

Man Exonerated After Wrongful Conviction Awarded $5 Million

A Connecticut man was awarded $5 million from the state after serving 18 years for wrongful conviction of rape. Members of the state legislature voted unanimously Wednesday to give James Tillman $5 million, following his 2006 exoneration and release. The $5 million settlement was reached in an agreement to halt possible lawsuits against the police and state by Tillman.  DNA tests, pushed for by The Innocence Project, a New York-based legal group, helped overturn the conviction. 

Source:  "Wrongly Jailed U.S. Man Gets $5 Million" by Av Harris, published by Reuters.

Updated Interest Rate on Judgments in South Carolina

South Carolina Code § 34-31-20(B) provides that for all judgments entered on or after July 1, 2005, the the legal rate of interest on money decrees and judgments is equal to the prime rate as listed in the first edition of the Wall Street Journal published for each calendar year for which the damages are awarded, plus four percentage points, compounded annually.

The South Carolina Supreme Court is required to issue an order by January 15th of each year confirming the annual prime rate.  By order issued on January 11, 2007, the South Carolina Supreme Court set the legal rate of interest for judgments and money decrees at 12.25 percent compounded annually for the period January 15, 2007, through January 14, 2008. 

You can read the full text of this order by clicking HERE.