Liddle & Robinson Attorneys at Law New York City

News Item

Colonial Oil Industries, Inc. (U.S.A.) vs. Masefield America, Inc. (U.S.A.) - 3/20/2008

Award Amount- $4,742,611.00

Details: L&R Lead counsel won an arbitration award in favor of Colonial Oil Industries for breach of contract for the sale and delivery of two tankers of fuel oil (approximately 570,000 barrels of oil). The arbitration panel found that Masefield America intentionally breached the contract without justification by failing to deliver two cargos in September and October 2004. Although Colonial was able to cover the two missed deliveries, the price of oil had risen significantly, and Colonial was forced to pay a higher price for the replacement cargos. The panel awarded damages in the amount of (1) $3,503,795.30 for the additional cost that Colonial paid for the replacement cargos, (2) $98,799.42 for part of Colonial's legal fees and costs, and (3) $85,000 for the cost of arbitration, together with nine percent interest from November 17, 2004 until the award is paid. On February 6, 2008, the Supreme Court of the State of New York confirmed the arbitration award, and on March 20, 2008 entered a judgment in favor of Colonial Oil Industries in the amount of $4,742,611.65.


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