United States District Court, C.D. California
AMENDED JUDGMENT
HON.
DAVID O. CARTER UNITED STATES DISTRICT JUDGE.
By
Order entered on March 1, 2016 (Dkt. 44), the Court GRANTED
the Motion for Partial Summary Judgment of Plaintiff Great
American Insurance Company ("Great American"), in
part, and DENIED the Motion for Summary Judgment of Defendant
Sequoia Insurance Company ("Sequoia") ("March
1 Order"). On June 24, 2016, Great American and Sequoia
filed a Stipulation for Entry of Order on Remaining Issues in
Dispute (Dkt. 45). On June 27, 2016, the Court entered its
Order on the Stipulation (Dkt. 47) ("Order on
Stipulation").
It
appearing to the satisfaction of the Court that its March 1
Order, together with the Order on Stipulation, dispose of
each and every cause of action asserted in Great
American's Complaint in this action, and that a final
judgment can and should be entered, and good cause appearing
therefor, IT IS HEREBY ORDERED, ADJUDGED AND DECREED, as
follows:
1.
Sequoia owed a duty to defend Millennium Community
Management, LLC ("MCM") in the Superior Court of
California, County of Orange action styled Vera v. Verano
at Talega, et al, Case No. 30-2014-00702650-CU-PO-CJC
("Underlying Action") under Sequoia Enterprise
Insurance Policy No. SBP213777-3 ("Sequoia
Policy"), and breached that duty.
2.
Great American, pursuant to a valid and enforceable
assignment of rights from AMCO Insurance Company
("AMCO"), which defended MCM in the Underlying
Action, is entitled to recover in equitable contribution
those amounts reasonably and necessarily paid by AMCO for the
defense of MCM in the Underlying Action, which should have
been paid by Sequoia under the Sequoia Policy.
3.
Judgment for equitable contribution is entered in favor of
Great American and against Sequoia in the amount of $97,
200.00, representing Sequoia's equitable share of
amounts reasonably and necessarily paid by AMCO for the
defense of MCM in the Underlying Action.
4.
Pre-judgment interest is also awarded in favor of Great
American and against Sequoia on the judgment for equitable
contribution at the legal rate of seven percent (7%) per
annum pursuant to California Civil Code Section 3287,
from May 6, 2015 (the date the Underlying Action was
dismissed), to the date hereof in the daily sum of
$18.64. The pre-judgment interest is calculated as
follows:
May 6, 2015 to June 24, 2016 (415 days):
|
$ 7, 735.60 .
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June 25, 2016 to entry of Judgment ($18.64 x 2 days):
|
$ 37.28 .
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Total Pre-Judgment Interest (Contribution):
|
$ 7, 772.88 .
|
5.
Great American is also entitled to recover from Sequoia,
under equitable subrogation, $1, 000, 000.00 of the
$2, 000, 000.00 that Great American paid to settle claims
asserted against MCM in the Underlying Action, which should
have been paid by Sequoia under the Sequoia Policy.
6.
Judgment for equitable subrogation is entered in favor of
Great American and against Sequoia in the amount of $1,
000, 000.00.
7.
Pre-judgment interest is also awarded in favor of Great
American and against Sequoia on the judgment for equitable
subrogation at the legal rate of ten percent (10%) per
annum pursuant to California Civil Code Section 3289,
from April 9, 2015, (the date of Great American's $2,
000, 000.00 settlement payment) to the date hereof in the
daily sum of $273.97. The pre-judgment interest is
calculated as follows:
April 9, 2015 to June 24, 2016 (442 days):
|
$ 121, 094.74.
|
June 25, 2016 to entry of Judgment ($273.97 x 2
days):
|
$ 547.94 .
|
Total Pre-Judgment Interest (Subrogation):
|
$ 121, 642.68.
|
8.
Including pre-judgment interest, the Total Judgment entered
against Sequoia is $ 1, 226, 615.56 [$97, 200.00
Total Pre-Judgment Interest (Contribution) $1, 000, 000.00
Total Pre-Judgment Interest (Subrogation).]
9.
Pursuant to 28 U.S.C. Section 1961 and Local Rule 58-7, Great
American is entitled to post-judgment interest to be
calculated as set forth on the ...