Wisconsin has enacted two laws that may affect banks in legal proceedings. The new laws change the way attorneys' fees are awarded, and the interest rate on civil judgments. In 2011 Wis. Act 92, the legislature established that attorneys' fees presumptively will not exceed three times the amount of compensatory damages awarded. This change will impact cases brought under statutes such as the Wisconsin Consumer Act, where typically the amount the consumer may recover is modest and the attorneys' fees can be significant. The statute preserves parties right to contract for attorney's fees, as is usually done in commercial notes, guaranties and mortgages.
In 2011 Wis. Act 69, the legislature provided that interest rates on civil judgments shall be prime rate plus one percent, rather than 12 percent per year as had been the law. In the present interest rate environment, interest rates on judgments will be reduced. The statute is effective for judgments entered after December 1, 2011. This change will impact banks in all manner of civil actions, including mortgage foreclosures, and suits on promissory notes and guaranties.
"John Knight is the complete package when it comes to solid advice on all of the challenges and opportunities that our bank faces in today's volatile economy. John's background and experience are renowned. I have always found him to be steady in his demeanor and approach to problem solving and that is a big plus given the current regulatory environment for banking."
-- E. David Locke, Chairman and CEO of McFarland State Bank
"John Knight and the banking group at Boardman are thoroughly knowledgeable on federal and state banking laws and have demonstrated decades of commitment to the sound representation of Wisconsin banks and WBA."
-- Rose Oswald Poels, President & CEO of the Wisconsin Bankers Association