(a) The rate of interest assessed shall be the rate of the current value of funds to the United States Treasury as published in the Federal Register (as of the date the notice is sent), unless another rate is specified by statute, regulations or preexisting contract condition. The Office of the Chief Financial Officer will notify agencies promptly of the current Treasury rate. The responsible agency may assess a higher rate of interest if it reasonably determines that a higher rate is necessary to protect the interests of the United States, and such rate is agreed to by the Chief Financial Officer (or his designee). The rate of interest prescribed in section 6621 of the Internal Revenue Code shall be sought for backwages recovered in litigation by the Department.
(b) The rate of interest as initially assessed shall remain fixed for the duration of the indebtedness, except that where a debtor has defaulted on a repayment agreement and seeks to enter into a new agreement, the agency may set a new interest rate which reflects the current value of funds to the Treasury at the time the new agreement is executed.
(c) Interest shall not be assessed on interest, penalties or administrative costs required by this subpart. However, if the debtor defaults on a previous repayment agreement, charges which accrued but were not collected under the defaulted agreement shall be added to the principal to be paid under a new repayment agreement.
Notes of Decisions
Van Asdale v. Int'l Game Tech., 763 F.3d 1089 (9th Cir. 2014).
· cites it 3× “The district court then denied IGT’s post-trial motion for judgment as a matter of law and granted the Van As-dales’ motion for fees, costs, and prejudgment interest “in accordance with 29 C.F.R. § 20.58 (a), at the rate specified in the Internal Revenue Code, 26 U.”
Van Asdale v. Int'l Game Tech., 549 F. App'x 611 (9th Cir. 2013).
· cites it 2× “Finally, IGT argues that the district court erroneously calculated prejudgment interest based on 29 C.F.R. § 20.58 (a). Additionally, it contends that the court erred by using a varying interest rate because 29 C.”
Macks USA, Inc v. United States Dep't of Labor (S.D.N.Y. 2024).
· cites it 2× “See 29 CFR 20.58(a) (“The rate of interest prescribed in section 6621 of the Internal Revenue Code shall be sought for backwages [sic] recovered in litigation by the Department.”
Erhart v. Bofi Holding Inc. (S.D. Cal. 2023).
“There, the court 7 looked to a Department of Labor regulation, 29 C.F.R. § 20.58 , which provides the 8 interest rate from 26 U.”
— 29 C.F.R. § 20.58(a) — 1 case
Macks USA, Inc v. United States Dep't of Labor (S.D.N.Y. 2024).
“See 29 CFR 20.58(a) (“The rate of interest prescribed in section 6621 of the Internal Revenue Code shall be sought for backwages [sic] recovered in litigation by the Department.”
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