W.Va. Supreme Court sets 7 percent rate for judgments
CHARLESTON, W.Va. -- The West Virginia Supreme Court has set an interest rate of 7 percent on monetary judgments and decrees for 2013.
A 2007 law requires the court's administrative office to determine the interest rate. The law says the rate will be 3 percentage points above the secondary discount rate in effect as of Jan. 2 at the Federal Reserve Bank in Richmond, Va., but it can't be less than 7 percent nor more than 11 percent.
The Fed rate on Wednesday was 1.25 percent, so the additional 3 percent would have produced a rate less than the statutory minimum. Consequently, the court imposed the 7 percent minimum.