Article Date: 06/07/2004


COURT UPHOLDS $175 MILLION IN DAMAGES AND PREJUDGMENT INTEREST BUT VACATES $36 MILLION IN LEGAL FEES AND $62 MILLION IN LIQUIDATED DAMAGES


United States Court of Appeals for the Second Circuit

United States Fidelity and Guaranty Company and American Home Assurance Company, Plaintiffs-Counter-Defendants-Appellants v. Braspetrol Oil Services Company, Petroleo Brasileiro S.A.—Petrobras, Bank of Tokyo-Mitsubishi, Ltd. Formerly known as Bank of Tokyo, Ltd.-Japan, and Long-Term Credit Bank of Japan, Ltd., Defendants-Counter-Claimants-Appellees.

No. 02-9185, 9187
May 20, 2004


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