Fidelity Federal Bank, Fsb, a Federally Chartered Savings Bank v. Durga Ma Corporation, a New Jersey Corporation

Durga Ma Corporation (“Durga Ma”) appeals the district court’s order granting Fidelity Federal Bank’s (“Fidelity’s”) motion pursuant to Fed.R.Civ.P. 60(b) to change the awarded post-judgment interest from the California statutory rate of 10% to the federal rate of 1.76% interest per year pursuant to 28 U.S.C. § 1961 . We hold that the district court acted within its discretion when it granted Fidelity’s motion and affirm the application of the federal post-judgment interest rate.

I

Durga Ma prevailed in its breach of contract arbitration against Fidelity. On June 9, 2003, Fidelity moved pursuant to Federal Rule of Civil Procedure 60(b) to correct the rate of post-judgment interest specified in the arbitrators’ judgment. The district court indicated its willingness to entertain Fidelity’s motion, and this court remanded the case so that the district court could consider the motion. On July 17, 2003, the district court granted Fidelity’s Rule 60(b) motion.

The arbitration panel’s award states: “The total amount of this award plus attorneys fees and costs is $3,313,588.36 and shall bear interest at the statutory rate from September 27, 2001.” (emphasis added).

Durga Ma moved to…