Navigators Insurance Company v. Goyard, Inc.
- Alvin Hellerstein
- 1:20-cv-06609
- U.S. District Court · Southern District of New York
- 10
Navigators v. Goyard: Judge Hellerstein signed an order concerning Navigators’ bond and requested stay of judgment enforcement during appeal.
Navigators Insurance Company and Goyard, Inc.; the requested relief concerned security for, and enforcement of, the judgment while Navigators pursued an appeal.
What happened
In Navigators Insurance Company v. Goyard, Inc., Navigators asked the Southern District of New York to approve a $1,052,340.29 appeal bond and pause enforcement of a $996,308.29 judgment favoring Goyard while Navigators appealed.
Navigators said the bond covered the judgment’s principal amount, prejudgment interest, and an estimated $56,032 in postjudgment interest during the appeal. It reported filing a notice of appeal to the U.S. Court of Appeals for the Second Circuit.
The filing ends with “SO ORDERED” and Judge Alvin K. Hellerstein’s signature dated March 8, 2024, but the provided text does not separately state whether the bond was approved or whether the stay was granted. The filing contains two slightly different bond amounts: $1,052,340.29 in most places and $1,052,340.20 in its conclusion.
The detailed version
- Navigators Insurance Company v. Goyard, Inc. · No. 1:20-cv-06609
- Alvin Hellerstein
- Mar. 8, 2024
Background
Navigators Insurance Company filed an application under Federal Rule of Civil Procedure 62(b) and Federal Rule of Appellate Procedure 8(a)(1). It asked the court to approve a supersedeas bond and stay execution of a judgment pending appeal. A supersedeas bond is security intended to protect the judgment creditor while enforcement is paused during an appeal.
The filing states that the court entered judgment on January 31, 2024, in favor of Goyard, Inc. and against Navigators, totaling $996,308.29. The stated total consisted of $753,340.50 in principal and $242,967.79 in prejudgment interest. Navigators said it had filed a notice of appeal on February 29, 2024, and would pursue the appeal in the Second Circuit.
Requested bond and stay
Navigators requested approval of a bond issued by Hartford Fire Insurance Company. The filing generally identifies the bond amount as $1,052,340.29, consisting of the judgment amount plus an estimated $56,032 in postjudgment interest. Navigators calculated the estimate using a 4.83% Treasury yield and a projected 14-month appeal period.
Navigators also asked the court to stay execution of Goyard’s judgment while the appeal proceeded. The filing cited decisions stating that staying enforcement upon posting a supersedeas bond is common practice and helps preserve the status quo while protecting the non-appealing party.
Court action
The provided text ends with “SO ORDERED” and the signature of Hon. Alvin K. Hellerstein, dated March 8, 2024. However, it does not include a separate order expressly stating whether the court approved the bond, granted the stay, or both. The conclusion of the application requests approval of a bond in the amount of $1,052,340.20, which differs by nine cents from the $1,052,340.29 amount stated elsewhere in the application, declaration, and bond.
Effect
The requested relief concerned Navigators’ obligation to secure the judgment and Goyard’s ability to enforce it during the appeal. The provided text does not clearly establish the precise operative disposition of those requests.
Read the full 10-page opinion on CourtListener, the free public archive maintained by the Free Law Project.