The opinion of the court was delivered by: Judge Hibbler
Magistrate Judge Finnegan
PLAINTIFFS' MOTION FOR ENTRY OF JUDGMENT ORDER
NOW COME the Plaintiffs and in support of their Motion for Entry of Judgment Order state as follows:
1. This lawsuit is an action for collection of an interim withdrawal liability payment brought pursuant to the Employee Retirement Income Security Act of 1974, 29 U.S.C. § 1001 et seq.
2. On July 22, 2011, the Court granted Plaintiffs' motion for summary judgment against Defendants, St. Joseph Packaging, Inc., Chadbruck, Inc. and Bags & Boxes II, Inc.
3. As noted in the Court's decision granting summary judgment, under 29 U.S.C. §§ 1132(g)(2) and 1451(b), Plaintiffs are entitled to the delinquent withdrawal liability payment, interest thereon, reasonable attorneys' fees and costs and an amount equal to the greater of the interest on the delinquent withdrawal liability or liquidated damages of 20% of the withdrawal liability. See Dkt. No. 57.
4. After the Court granted Plaintiffs' motion for summary judgment, counsel for both parties conferred to draft a mutually acceptable agreed judgment order. While the parties were able to agree on the delinquent principal, liquidated damages and attorneys' fees and costs owed under 29 U.S.C. §§ 1132(g)(2) and 1451(b), the parties could not agree on the amount of delinquent interest owed.
5. The parties agree that the principal balance owed on the outstanding withdrawal liability is $7,805,334.78. (See also, Affidavit of Andrew Sprau ("Sprau Affidavit."), ¶ 5, attached hereto as Exhibit A.)
6. The parties also agree that Defendants owe $1,561,066.96 in liquidated damages. (See also, Ex. A, Sprau Affidavit, ¶ 9.)
7. The parties have also agreed upon attorneys' fees and costs in the amount of $11,485.00.
8. Under the Central States, Southeast and Southwest Areas Pension Fund's Trust Agreement (the "Trust Agreement"), interest on delinquent withdrawal liability is computed and charged at an annualized interest rate equal to two percent (2%) plus the prime interest rate established by JPMorgan Chase Bank, NA for the fifteenth (15th) day of the month for which the interest is charged. (Ex. A, Sprau Affidavit, ¶ 7.)
9. Defendants owe $656,786.41 in delinquent interest through September 7, 2011. (Ex. A, Sprau Affidavit, ¶ 8.) A copy of the interest calculation is attached as Exhibit 1 to the Sprau Affidavit.
10. Defendants have stated that they disagreed with Plaintiffs' interest calculation. As such, the parties have not come to an agreement on the interest amount.
11. Under the Trust Agreement, Plaintiffs are entitled to post-judgment interest computed and charged on the entire judgment at an annualized interest rate equal to two percent (2%) plus the prime interest rate established by JPMorgan Chase Bank, NA for the fifteenth (15th) day of the month for which the ...