ELR Citation: ELR 20209
No(s). 78 C 3693 (N.D. Ill. Jun 15, 1992)

The court holds that the 360-day bank year applies in calculating an award to an insurance company of $33,093,782.62 in prejudgment interest in litigation involving the 1978 oil spill that damaged 180 miles of the Brittany coastline in France. The court finds that the 12.31 percent real rate of return set by the circuit court can be accomplished only by using a 360-day year and assuming that no days existed after December 26. The court holds that the parties waived any objections in this round of briefing to the use of the 360-day bank year for interest calculation. The court also holds that no reasonable basis exists in fact or law for the court to reconsider, amend, or modify a prior order which resolved that the insurance company is entitled to a 12.31 percent per annum prejudgment interest rate.

[The Seventh Circuit's decision is published at 22 ELR 20835.]

Counsel for Defendant
Joseph C. Smith
Burlingham, Underwood & Lord
One Battery Park Plaza, New York NY 10004
(212) 422-7585

Counsel for Plaintiff
Frank Cicero Jr., Roger Taylor
Kirkland & Ellis
200 E. Randolph Dr., Chicago IL 60601
(312) 861-2000

NORGLE, District Judge