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Republic Metals Corporation v. Richard Atkin
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In Republic Metals Corporation v. Richard Atkin, 00 cv 977 (S.D.N.Y. April 2004), Brown Gavalas & Fromm LLP commenced an action in the United States District Court for the Southern District of New York to enforce a personal guarantee against Richard Atkin that he executed in order to secure the consignment of precious metals to his company, Lou Atkin Casting, Inc. Mr. Atkin alleged that he did not execute the personal guarantee. Additionally, Mr. Atkin claimed that he was entitled to a set-off under an exception to the Collateral Source Rule as he claimed that Lou Atkin Casting, Inc. contributed to the procurement of a policy of insurance that paid upon the failure of Lou Atkin Casting, Inc. to return, or pay for, the precious metals. Following a bench trial, the Court (McKenna, J.) granted judgment in favor of our client for the full amount of the claim plus prejudgment interest at 9%. The Court concluded that the evidence established that Mr. Atkin executed the personal guarantee. The Court further concluded that the exception to the Collateral Source Rule was inapplicable as the evidence elicited at trial showed that Lou Atkin Casting, Inc. contributed to a different policy of insurance than the one that paid this claim.
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