Louisiana Land & Exploration Co. v. Pennzoil Exploration & Production Co.

ORDER AND REASONS

FALLON, District Judge.

Before this Court are both plaintiffs and defendant’s motions for partial summary judgment on the issue of interest on retained proceeds. For the following reasons, plaintiffs motion is GRANTED, and defendant’s motion is DENIED.

I. BACKGROUND

The issue before the Court is whether or not Pennzoil Exploration and Production Company (“Pennzoil”) is legally entitled to interest on funds Louisiana Land and Exploration Company (“LL&E”) withheld from it during a lengthy title dispute affecting lands LL&E subleased indirectly from Pennzoil.

LL&E established…