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Motion for leave to appeal denied without costs.
The moving parties sought leave to appeal a decision of MacLeod RSJ dated May 17, 2024.
The Divisional Court denied the motion for leave to appeal without costs.
The court exercised its discretion to reduce the prejudgment interest rate on non-pecuniary damages from 5% to 1.3%.
The defendant brought a motion to set the prejudgment interest rate on non-pecuniary damages awarded to the plaintiffs by a jury at 1.3% instead of the prescribed 5%.
The plaintiffs cross-moved, seeking an 8.46% rate for both non-pecuniary and past pecuniary damages.
The court granted the defendant's motion, reducing the prejudgment interest on non-pecuniary damages to 1.3%, citing low prevailing prejudgment interest rates and the future loss component of the award.
The plaintiffs' cross-motion was dismissed, with the court maintaining the default 0.8% rate for past pecuniary damages, rejecting the plaintiffs' arguments for a higher rate based on their investment returns or the defendant's insurer's returns.
