CHEMICAL BANK, European American Bank, Banque Paribas, American Express Bank Ltd., NatWest Bank National Association, and Rabobank Nederland, Plaintiffs-Appellees,
v.
AFFILIATED FM INSURANCE CO., Defendant-Appellant,
Andina Coffee, Inc. and Andina Trading Corp., Consolidated Plaintiffs-Appellees,
Lloyd's Syndicate No. 446, Lloyd's Syndicate No. 418, Lloyd's Syndicate No. 406, Lloyd's Syndicate No. 40, Lloyd's Syndicate No. 367, Lloyd's Syndicate No. 34, Lloyd's Syndicate No. 334, Lloyd's Syndicate No. 321, Lloyd's Syndicate No. 309, Lloyd's Syndicate No. 304, Lloyd's Syndicate No. 162, Lloyd's Syndicate No. 123, Lloyd's Syndicate No. 108, Lloyd's Syndicate No. 1014, Lloyd's Syndicate No. 52, Insurance Company of North America, Home Insurance Company, Phoenix Assurances Public Limited Company, Cornhill Insurance PLC., Commercial Assurance Co. PLC, River Thames Insurance Co. Ltd., Sovereign Marine & Gen. Ins. Co., Assicurazioni Generali S.P.A., Lloyd's Syndicate No. 447, Phoenix "L" Account, Norwich Union Fire Insurance Society Ltd., Northern Assurance Company Limited, Lloyd's Syndicate No. 202, Lloyd's Syndicate No. 745, Lloyd's Syndicate No. 735, Lloyd's Syndicate No. 725, Lloyd's Syndicate No. 697, London & Hull Maritime Insurance Company Limited, Lloyd's Syndicate No. 843, Lloyd's Syndicate No. 65, Lloyd's Syndicate No. 831, Lloyd's Syndicate No. 803, Lloyd's Syndicate No. 80, Lloyd's Syndicate No. 633, Lloyd's Syndicate No. 483, Lloyd's Syndicate No. 455, Lloyd's Syndicate No. 625, Lloyd's Syndicate No. 62, Lloyd's Syndicate No. 575, Lloyd's Syndicate No. 535, And Lloyd's Syndicate No. 448, Defendants.
United States Court of Appeals, Second Circuit.https://leagle.com/images/logo.png
Argued May 18, 1998.
Decided February 25, 1999.
Attorney(s) appearing for the Case
Daniel P. Levitt, New York, New York (Franklin M. Sachs, H. Richard Chattman, Marianne C. Tolomeo, Podvey, Sachs, Meanor, Catenacci, Hildner & Cocoziello, Newark, New Jersey, of counsel), for Defendant-Appellant.
Henry L. Goodman, Zalkin, Rodin & Goodman, New York, New York (Menachem O. Zelmanovitz, Michael S. Davis, Margot B. Schonholtz, Wendy S. Walker, Steven F. Capace, Mark E. Segall, Caroline A. Mellusi, of counsel), for Plaintiff-Appellee Chemical Bank (now The Chase Manhattan Bank).
David G. Keyko, Winthrop, Stimson, Putnam & Roberts, New York, New York (Valerie Fitch, of counsel), for Plaintiff-Appellee American Express Bank Ltd.
John M. Toriello, Haight, Gardner, Holland & Knight, New York, New York (Glenn J. Winuk, of counsel), for Plaintiffs-Appellees European American Bank, Bank Paribas and Rabobank Nederland.
Robert S. Fischler, Winston & Strawn, New York, New York (Edwin Larkin, of counsel), for Plaintiff-Appellee NatWest Bank, N.A. (now Fleet Bank, N.A.).
Lloyd D. Feld, New York, New York, for Consolidated Plaintiffs-Appellees Andina Coffee, Inc. and Andina Trading Corp.
Stanley N. Futterman, New York, New York (Craig A. Berrington, Phillip L. Schwartz, Washington, D.C., of counsel), for Amicus Curiae American Insurance Association.
Before: WINTER, Chief Judge, CARDAMONE, Circuit Judge, and CARMAN, Judge.
United States Court of Appeals, Second Circuit.
WINTER, Chief Judge:
Affiliated FM Insurance Co. ("Affiliated") appeals from a judgment, entered after a bench trial before Judge Pollack, awarding Chemical Bank and five other banks (collectively, the "Banks")1 approximately $47 million in damages and $45 million in prejudgment interest. The award was made under a maritime open cargo insurance policy issued by Affiliated to Andina Coffee, Inc. ("Andina"), a New York-based coffee importer...
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