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Duane Reade, Inc. v. St. PAul Fire and Marine Insurance Co.

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Argued: November 5, 2008

Before: CABRANES and HALL, Circuit Judges, and GLEESON, District Judge.*fn1

In this insurance dispute arising from the September 11, 2001 destruction of a drug store in the World Trade Center (“WTC”), Duane Reade, Inc. (“Duane Reade”) appeals from a judgment of the United States District Court for the Southern District of New York (Rakoff, J.) dismissing its complaint against its property insurer St. Paul Fire and Marine Insurance Company (“St. Paul”), on the basis of res judicata. The district court’s application of res judicata was proper because Duane Reade could have raised in its prior action the claims it raises here, but it did not. Further, the district court’s reduction of the appraisal award was not an error of law. In response to St. Paul’s cross-appeal, we modify the judgment to exclude interest accrued prior to the appraisal award. Affirmed as modified.

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