Opinion
2:20-cv-2765 (DRH) (AYS)
07-30-2021
THE PHOENIX INSURANCE COMPANY and THE TRAVELERS INDEMNITY COMPANY OF CONNECTICUT, Plaintiffs, v. MINELLI CONSTRUCTION CO. INC., Defendant.
ORDER ADOPTING REPORT AND RECOMMENDATION
DENIS R. HURLEY UNITED STATES DISTRICT JUDGE
Presently before the Court is the Report and Recommendation of Magistrate Judge Anne Y. Shields, dated June 28, 2021 (the “R&R” [DE 13]), recommending that the Court grant Phoenix Insurance Company (“Phoenix”) and Travelers Indemnity Company of Connecticut's (“Travelers, ” and together with Phoenix, “Plaintiffs”) motion for default judgment and award Plaintiffs $390, 579.15 in damages. Judge Shields found that Plaintiffs (1) properly established the elements of their breach of contract claim and (2) demonstrated (a) actual damages in the amount of $352, 807.00 for Phoenix and $17, 408.01 for Travelers, (b) entitlement to pre-judgment interest through October 14, 2020 (the date on which Plaintiffs filed their motion) in the amount of $19, 442.64, with additional interest to be calculated through the date of the judgment at a rate of $91.28 per day, and (c) costs totaling $921.50.
More than fourteen (14) days have passed since service of the R&R and no objections have been filed. Pursuant to 28 U.S.C. § 636(b) and Federal Rule Civil Procedure 72, this Court has reviewed the R&R for clear error. Having found none, the Court concurs in the R&R's reasoning and result. The Court adds the following:
First, the R&R's recommended pre-judgment interest award is divided between the parties in proportion with each party's actual damages award. Second, costs are split evenly between the Plaintiffs. Third, post-judgment interest at the federal rate is “mandatory” under 28 U.S.C. § 1961(a) and accrues from the date of the entry of judgment until Defendant has satisfied the judgment. Tru-Art Sign Co. v. Local 137 Sheet Metal Workers Int'l Ass'n, 852 F.3d 217, 223 (2d Cir. 2017). Accordingly, for the reasons stated in Judge Shields's R&R, IT IS HEREBY ORDERED that Plaintiffs' motion for default judgment is granted.
Phoenix's share ($352, 807.00/$370, 215.01) of the collective actual damages is 95.30%; Travelers's share ($17, 408.01/$370, 215.01) is 4.70%.
Phoenix is awarded (1) actual damages in the amount of $352, 807.00, (2) pre-judgment interest through October 14, 2020 in the amount of $18, 528.84, with additional interest to be calculated through the date of the judgment at a rate of $86.99 per day, (3) costs in the amount of $460.75 - for a total of $371, 796.59, plus per diem interest as specified - and (4) post-judgment interest at the federal rate.
Travelers is awarded (1) actual damages in the amount of $17, 408.01, (2) pre-judgment interest through October 14, 2020 in the amount of $913.80, with additional interest to be calculated through the date of the judgment at a rate of $4.29 per day, (3) costs in the amount of $460.75 - for a total of $18, 782.56, plus per diem interest as specified - and (4) post-judgment interest at the federal rate.
The Clerk of Court is respectfully directed to enter judgment accordingly and to terminate the action.
SO ORDERED.