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BYBLOS BANK EUROPE, S.A. v. SEKERBANK TURK ANONYM SYRKETI

49 A.D.3d 288 (2008)

853 N.Y.S.2d 51

BYBLOS BANK EUROPE, S.A., Respondent, v. SEKERBANK TURK ANONYM SYRKETI, Appellant.

Appellate Division of the Supreme Court of the State of New York, First Department.

Decided March 6, 2008.

With respect to its actual damages due to the loss of use of the attached funds, defendant is entitled at a minimum to recover interest at the legal rate, reduced by the amount of the earnings on the attached funds during the period they are held (see Subin v United States Fid. & Guar. Co., 12 A.D.2d 49, 52-53 [1960]). The legal rate of interest, however, does not also set a ceiling on the amount of defendant's actual damages...

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