Opinion
98 Civ. 5753 (HBP)
April 29, 2002
MEMORANDUM OPINION AND ORDER
By Opinion and Order dated March 28, 2002, I determined that plaintiffs were entitled to a declaratory judgment rescinding their contract of insurance with defendant and that defendant's counterclaim should be dismissed. By notice of motion dated April 12, 2002, plaintiffs now seek an award of attorney's fees in the amount of $411,428.50. The parties do not dispute that under English law, which applies to this matter, the plaintiffs, as prevailing parties are entitled to recover their attorney's fees. For the reasons set forth below, I conclude that plaintiffs are entitled to recover attorney's fees in the amount of $250,000.00.
As set forth at length in March 28, 2002 Opinion and Order, this was a factually complex dispute arising out of the alleged disappearance of a shipment from Hong Kong to Sri Lanka that was claimed to contain approximately $5 million worth of uncut rubies, emeralds and sapphires. The witnesses with relevant knowledge were, literally, located around the world; a total of fifteen pretrial depositions were offered at trial. In light of the amount in issue and the complicated nature of the transaction, the number of depositions taken was appropriate. In addition, as noted above, the matter was governed by English law, adding a further layer of complication to this matter.
The fees sought by plaintiffs are based on a total of approximately 1900 hours of attorney time, over approximately 4 years, at rates ranging from $150 per hour for associate time to $225 per hour for partner time.
Defendant does not contest plaintiffs' application to the extent of $250,000, and plaintiffs have advised that they are willing to accept this amount.
As I noted in my March 28 Opinion and Order, the case was extremely well prepared and extremely well tried by counsel for both sides. The hourly rates used by plaintiffs' counsel to calculate their fees are well with the range of fees that have routinely been approved in this District. See Marisol v. Giuliani, 111 F. Supp.2d 381, 386 (S.D.N.Y. 2000) (surveying recent fee awards in this District and approving hourly rates of $140 to $375). I have reviewed the contemporaneous billing records submitted by plaintiffs, and they clearly demonstrate that the work done on this matter would sustain an award well in excess of $400,000.00.
Accordingly, in light of defendant's lack of opposition to plaintiffs' application to the extent of $250,000, plaintiffs' willingness to accept this sum, and the reasonableness of the hourly rates and the number of hours for which compensation is sought, plaintiffs are awarded attorney's fees in the amount of $250,000.