UNITED STATES DISTRICT COURT FOR THE DISTRICT OF COLUMBIA

TENARIS S.A. and TALTA
- TRADING E MARKETING SOCIEDADE UNIPESSOAL LDA , P etitioner s ,

v. BOLIVARIAN REPUBLIC OF VENEZUELA , Respondent

. Case No. 1 8

- cv - 1 371 (CRC)

MEMORANDUM OPINION
On June 17, 2020 , the Court issued a M emorandum O pinion and O rder confirming a foreign arbitral award in Petitioners ’ favor but deferred issuing a final judgment . Because the amount of the award needed to be updated to reflect the post

- a ward interest that ha s accrued since the award was issued on January 29, 2020 , the Court solicited supplemental submissions from the parties

. Petitioners submitted a response detailing their calculations of the award. Venezuela also filed a response, contest ing only that the post

- a ward interest should be calculated until June 17,
2020 , the date of the Court’s O rder confirmi ng the foreign arbitral award , as opposed to the date of this O rder confirming the exact amount of the award

. Venezuela ’s contention, though mistaken, is understandable. In its June 17, 2020 M emorandum O pinion, the Court erroneously stated that “§ 1961’s rate shall apply to the accumulation of interest from the date of this ruling

. ”
T he Court regrets the oversight

. T he June 17, 202 0 O rder was not a final judgment because it did not “end[] the litigation on the merits and leave[] nothing for the court to do but execute the2 judgment , ” Franklin v. D.C. , 163 F.3d 625, 628 (D.C. Cir. 1998) (quoting Catlin v. United
States , 324 U.S. 229, 233 (1945)) ; rather, the O rder expressly indicated that the Court still needed to calculate the total amount of the judgment

. In actions seeking damages, “a final judgment in a Petitioner’s favor declares not only liability but also the consequences of liability

— what, if anything, [Venezuela] must do as a result.” Id

. Although the June 1 7 , 20 20 Order “established [ Venezuela ’s] liability,

. . . it granted no relief, it imposed no obligations on [ Venezuela ], [and] it did not say, as final decisions in such cases must, ‘who is entitled to what from whom.’” Id. (quoting Horn v. Transcon Lines, Inc. , 898 F.2d 589, 591 (7th Cir. 1990)). Accordingly, the Order and Judgment accompanying this Memorandum Opinion is the applicable final judgment and the Court will calculate post

- a ward interest as running through today’s date

. Turning to the a mount of the final judgment, the Court finds that Petitioners are entitled
to the following as awarded by the arbitral tribunal: damages in the amount of $87,300,000 USD ;
pre - a ward interest from April 30, 2008 to January 29, 2016 in the amount of $85,501,2 13.70
USD ; and costs in the amount of $225,000. Further more , the Court finds that Petitioner is entitled to p ost

- a ward interest in the amount of $83,348,795.42 USD

. 1 In total, then, Petitioner s

1 Pursuant to the arbitral award, p ost

- a ward interest accrues at a rate of 9% per annum compounded semiannually , from the date of the Award (January 29, 2016) to the date of the judgment (July 17, 2020) . Because the p ost

- a ward interest was last compounded on January 29, 2020, the Court calculated the amount of additional post

- a ward interest that accrued between January 29, 2020 and the date o f this award, July 17, 2020. It did so using the following formula: additional p ost award interest = (nominal interest rate)*(compounding period as a fraction of a year)*(balance at the beginning of the compounding period) . Here, because July 17, 2020 is 170 days after January 29, 2020, that calculation was : (.09)*(170/365)*(246,060,684.54) , which equals $10,314,324.58

. Adding that amount to the post

- a ward interest that had accrued prior to January 29, 2020

— which was $ 73,034,470.84

— the Court arrived at th e total post

- a ward interest of $83,348,795.42

.3 are presently entitled to a judgment in the amount of $256,3 75,009.12

. As noted in the Court’s prior ruling , Petitioner s are also entitled to post

- judgment interest starting from the date of this judgment pursuant to 28 U.S.C. § 1961. A separate Order and Judgment shall accompany this M emorandum O pinion.

CHRISTOPHER R. COOPER United States District Judge
Date: July 17, 2020