GENERAL REFRACTORIES COMPANY v. FIRST STATE INSURANCE CO. et al

Filing 694

ORDER THAT THE MOTION OF PLAINTIFF FOR PREJUDGMENT INTEREST AND ENTRY OF JUDGMENT (DOC. 686 ) IS GRANTED. IT IS FURTHER ORDERED JUDGMENT IS ENTERED IN FAVOR OF PLAINTIFF GRC, AND AGAINST DEFENDANT TRAVELERS, IN THE AMOUNT OF $21 MILLION U.S. DO LLAR. PREJUDGMENT INTEREST IS AWARDED IN ADDITION TO THE STIPULATED DAMAGES AS OUTLINED HEREIN. A TOTAL JUDGMENT IS ENTERED IN FAVOR OF PLAINTIFF GRC AND AGAINST DEFENDANT TRAVELERS IN THE AMOUNT OF $36,273,705.00 U.S. DOLLARS. ETC. THE CLERK OF COURT IS DIRECTED TO MARK THIS ACTION CLOSED AND TERMINATED, AND TO REMOVE THIS ACTION FROM THE COURT'S ACTIVE DOCKET. SIGNED BY HONORABLE L. FELIPE RESTREPO ON 9/9/2015. 9/9/2015 ENTERED AND COPIES MAILED AND E-MAILED.(sg, )

IN THE UNITED STATES DISTRICT COURT
FOR THE EASTERN DISTRICT OF PENNSYLVANIA

GENERAL REFRACTORIES COMPANY :
:
v.
:
:
FIRST STATE INSURANCE CO., et al.
:

CIVIL ACTION

NO. 04-3509

ORDER AND JUDGMENT
AND NOW, this 9th day of September, 2015, upon consideration of the Motion of Plaintiff
General Refractories Company (“GRC”) for Prejudgment Interest and Entry of Judgment (ECF
document no. 686), and the Response of Defendant Travelers Casualty and Surety Company,
formerly known as The Aetna Casualty and Surety Company (collectively, “Travelers”) (doc. no.
691), and the parties’ Joint Stipulation as to Damages (doc. no. 685), it is hereby ORDERED that
Plaintiff’s Motion (doc. no. 686) is GRANTED.
It is FURTHER ADJUDGED and ORDERED:
(1) JUDGMENT is entered in favor of Plaintiff GRC, and against Defendant Travelers, in
the amount of $21 million U.S. dollars ($21,000,000.00), which constitutes damages for the claims
of breach of contract and declaratory relief contained in the Complaint, as stipulated by the parties’
Joint Stipulation as to Damages (doc. no. 685);
(2) PREJUDGMENT INTEREST is AWARDED in addition to the stipulated damages,
which interest is calculated at Pennsylvania’s six percent (6%) statutory rate for legal interest under
41 P.S. § 202, as detailed in Plaintiff GRC’s submission, the “Queue With Interest Calculations”
(doc. no. 690). As of today’s date, September 9, 2015, the AMOUNT of prejudgment interest

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awarded is $15,273,705.00;
(3) A TOTAL JUDGMENT is entered in favor of Plaintiff GRC, and against Defendant
Travelers, in the amount of $36,273,705.00 U.S. dollars;
(4) Pursuant to 28 U.S.C. § 1961,1 POSTJUDGMENT INTEREST shall accrue on the
JUDGMENT of $36,273,705.00 U.S. dollars, and shall be computed in accordance with the statute
until that amount is paid to Plaintiff GRC.
The CLERK of COURT is directed to mark this action CLOSED and TERMINATED,
and to remove this action from the Court’s active docket.

BY THE COURT:

s/ L. Felipe Restrepo
L. FELIPE RESTREPO
UNITED STATES DISTRICT JUDGE

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Federal law mandates imposition of postjudgment interest. 28 U.S.C. § 1961. The statute provides
that “[s]uch interest shall be calculated from the date of the entry of the judgment,” and “shall be computed
daily to the date of payment.” Id. Postjudgment interest is calculated on the underlying judgment and award
of prejudgment interest. Skretvedt v. E.I. DuPont De Nemours, 372 F.3d 193, 217 (3d Cir. 2004) (citing Sun
Ship, Inc. v. Matson Navigation Co., 785 F.2d 59, 63 (3d Cir. 1986)). See generally, id. (citing Caffey v.
UNUM Life Ins. Co., 302 F.3d 576, 586 (6th Cir. 2002) (“postjudgment interest should be awarded on the
entire amount of the judgment, including any prejudgment interest”) (noting agreement among the Fourth,
Ninth, Tenth, and Eleventh Circuit Courts).

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