Alliance Capital International Bank v. Wadiah Capital
- P. Castel
- 1:24-cv-02368
- U.S. District Court · Southern District of New York
- 1
In Alliance Capital International Bank v. Wadiah Capital, Judge Castel confirmed the arbitration award and entered judgment for Alliance for $2,213,944.36 plus $193,795.95 interest.
Alliance Capital International Bank and Wadiah Capital, the parties to the arbitration-award confirmation proceeding.
What happened
In Alliance Capital International Bank v. Wadiah Capital, Alliance asked the court to confirm an arbitration award against Wadiah Capital.
The court entered judgment for Alliance in the amount of $2,213,944.36. It also awarded $193,795.95 in pre-judgment interest, calculated at nine percent per year from February 21, 2024, through February 10, 2025.
Judge P. Castel’s court granted Alliance’s petition as to confirmation of the arbitration award and pre-judgment interest. Post-judgment interest applies by law, and Alliance may ask the clerk to tax allowable costs. The court also declined to seal its opinion and order because Wadiah Capital’s concern about its reputation was outweighed by the strong presumption that judicial decisions are publicly accessible.
The detailed version
- Alliance Capital International Bank v. Wadiah Capital · No. 1:24-cv-02368
- P. Castel
- Feb. 10, 2025
Ruling
For the reasons stated in the court’s February 7, 2025 Opinion and Order, the court granted Alliance Capital International Bank’s petition as to confirmation of the arbitration award and pre-judgment interest. The judgment was entered in favor of Alliance against Wadiah Capital for $2,213,944.36.
Interest and Costs
The judgment includes $193,795.95 in pre-judgment interest. The court specified that this interest was calculated at a rate of nine percent per year from February 21, 2024, through the date judgment was entered. Post-judgment interest runs as a matter of law. Alliance may apply to the clerk of court for taxation of allowable costs.
Sealing
The court declined to file the Opinion and Order under seal. It stated that Wadiah Capital’s unsubstantiated concern for its reputation was outweighed by the strong presumption of public access to judicial decisions.
Effect
The judgment confirms the arbitration award and awards Alliance the stated principal amount and pre-judgment interest. The judgment also leaves post-judgment interest and any allowable costs to be handled as stated in the order.
Read the full 1-page opinion on CourtListener, the free public archive maintained by the Free Law Project.