Court Erred in Modifying Award, 10th Cir. Rules

DENVER - A federal court erred in modifying a $2.8 million reinsurance arbitration award by applying the statutory rate to the post-judgment interest awarded to Insurance Company of North America, the 10th Circuit U.S. Court of Appeals has ruled. Newmont U.S.A. Ltd. v. Insurance Company of North America, Nos. 08-1347 and 08-1370 (10th Cir.).

On Aug. 11, the appellate court held that because the post-judgment interest issue was arbitrable under the reinsurance agreements, the arbitration panel had the authority to determine the issue.

NIL was a captive reinsurer of Newmont U.S.A. Ltd., f/k/a Newmont Mining Corp., and Newmont's subsidiaries. …