Widely-reported this week was the decision of the MN Court of Appeals that a trial court properly added 10% statutory interest on unpaid property settlement payments (principal due of $4.5 million...yes, million!) owed by a wealthy hedge fund manager to his former wife. For we math "wizards" that's $450,000 in annual simple interest. The appellant had previously sought modification of the property settlement due to changing and adverse market conditions, but that motion was denied by the trial court and affirmed on appeal in 2010 (2010 WL 3543458).
Minn.Stat. 549.09, Sub. 1(c)(2) provides for 10% interest per year on money judgments exceeding $50,000, however prejudgment interest cannot be awarded. The judge has no discretion to award interest at a lesser rate.
