In FCS Advisors Inc. v. Fair Finance Co. Inc.,1 the U.S. Court of Appeals for the Second Circuit addressed whether New York or federal law should be applied to determine the rate of post-judgment interest when a federal court exercising its diversity jurisdiction enters a judgment awarding damages on a claim for breach of a contract containing a New York choice-of-law clause.
The district court had stated that courts in the circuit had reached different conclusions on this issue and chose to apply New York law to determine the rate of post-judgment interest. The Second Circuit vacated the district court’s judgment and remanded the case to have post-judgment interest determined in accordance with federal law.
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