Lagstein v. Certain Underwriters

This appeal concerned the parties' dispute over an arbitration award to plaintiff. Plaintiff appealed the district court's ruling on interest and attorney's fees, and Lloyd's cross-appealed requesting return of an alleged overpayment to plaintiff from a fund which held that the award in escrow pending the outcome of litigation. The court concluded that the decision of the arbitrators did not foreclose the district court from awarding interests on the remaining portions of the arbitration award; plaintiff was entitled to post-award, pre-judgment interest pursuant to Nev. Rev. Stat. 17.130; to the extent the mandate must include instructions on pre-judgment interest to comply with Rule 37(b) of the Federal Rules of Appellate Procedure, the court reformed the mandate as such; plaintiff was entitled to collect post-judgment interest on his post-award, pre-judgment interest from the date of this opinion until the date Lloyd's pays the interest; plaintiff was entitled to attorney's fees pursuant to Nev. Rev. Stat. 689A.410(5); and the district court did not impermissibly overpay plaintiff when it released the funds from the escrow account and included interest on the contract damages through the date of payment. Accordingly, the court reversed and remanded in part and affirmed in part. View "Lagstein v. Certain Underwriters" on Justia Law