Byblos Bank Europe, S.A. v. Sekerbank Turk Anonym Syrketi

With respect to its actual damages due to the loss of use of the attached funds, defendant is entitled at a minimum to recover interest at the legal rate, reduced by the amount of the earnings on the attached funds during the period they are held (see Subin v United States Fid. & Guar. Co., 12 AD2d 49, 52-53 [1960]). The legal rate of interest, however, does not also set a ceiling on the amount of defendant’s actual damages. As the Fourth Department has stated, “[w]e perceive no reason why a party who is wrongfully deprived of the use of his funds may not recover damages representing more…