After a five-day jury trial on May 23, 2013, the jury awarded plaintiff, Perella Weinberg Partners LP (Perella), $287,517 on its cause of action for quantum meruit. After verdict, the parties disputed whether Perella is entitled to pre-judgment interest on a quasi-contract claim. The parties were directed to submit letter briefs and corresponding proposed judgments, which constitute the record for this decision. Defendant Specialized Loan Servicing LLC's (SLS) submission was filed on May 31, 2013 (NYSCEF Doc. Nos. 137-139). Perella's submission was filed on June 4, 2013 (NYSCEF Doc. Nos. 140-142). For the reasons that follow, the court holds that Perella is entitled to pre-judgment interest on its quantum meruit verdict.

Pursuant to CPLR 5001(a), "[i]nterest shall be recovered upon a sum awarded because of a breach of performance of a contract ... except that in an action of an equitable nature, interest and the rate and date from which it shall be computed shall be in the court's discretion." SLS argues that quantum meruit, an equitable claim, is not subject to pre-judgment interest. However, it is well settled that where a "plaintiff sought only money damages on the theory of quantum meruit, as compensation for the work performed," the claim is legal, not equitable. TY Elec. Corp. v Delmonte, 101 AD3d 1626 (4th Dept 2012), citing Hudson View II Assocs. v Gooden, 222 AD2d 163, 167 (1st Dept 1996).^[FN1] Consequently, "an award of pre-decision or pre-verdict interest pursuant to CPLR 5001 on a damages award on a cause of action to recover damages in quantum meruit is mandatory, as it would be on a damages award on a cause of action to recover damages for breach of contract." Tesser v Allboro Equip. Co., 73 AD3d 1023, 1027 (2d Dept 2010), citing Brent v Keesler, 32 AD2d 804 (2d Dept 1969); see also Leroy [*2]Callender, P.C. v Fieldman, 252 AD2d 468 (1st Dept 1998) (same).

Nonetheless, SLS cites to a Third Department case holding that pre-judgment interest is discretionary on a quantum meruit claim. See Precision Foundations v Ives, 4 AD3d 589, 593 (3d Dept 2004). However, as the United States Court of Appeals for the Second Circuit observed, Precision Foundations is an aberration because it not only deviates from well settled law in the other three Appellate Divisions, it also contradicts the Third Department's own established precedent. See Stillman v InService America, Inc., 455 Fed Appx 48, 51-52 (2d Cir 2012) (comparing Precision Foundations with Ogletree, Deakins, Nash, Smoak & Stewart P.C. v Albany Steel Inc., 243 AD2d 877, 879 (3d Dept 1997) (holding interest on quantum meruit claim is mandatory)). Regardless, this court is bound to follow First Department precedent, which holds otherwise. See Leroy Callender, supra; Ash & Miller v Freedman, 114 AD2d 823 (1st Dept 1985) (same); see also Stillman, 455 Fed Appx at 51 (noting that "the New York Court of Appeals would likely agree with the reasoned analysis set forth in cases holding that pre-judgment interest on quantum meruit claims is mandatory"). Thus, pre-judgment interest is awarded to Perella.

As for the issue of the accrual date of the interest, "[p]ursuant to CPLR 5001(b), [i]nterest shall be computed from the earliest ascertainable date the cause of action existed,' which, in the case of a cause of action to recover damages in quantum meruit, is when the plaintiff demanded payment." Tesser, 73 AD3d at 1027, citing Atlas Refrigeration-Air Conditioning, Inc. v Lo Pinto, 33 AD3d 639, 640 (2d Dept 2006). Contrary to SLS's argument, it is reversible error to calculate interest from the date this action was commenced. See Ogletree, 243 AD2d at 880. Indeed, common sense dictates that interest should be computed from the same date that breach-of-contract interest would run. Hence, as it is undisputed that Perella first demanded payment from SLS in an invoice on November 10, 2008, interest shall run from that date. Accordingly, it is

ORDERED that, pursuant to the jury's May 23, 2013 verdict, the Clerk is directed to enter the attached judgement in favor of plaintiff Perella Weinberg Partners LP and against defendant Specialized Loan Servicing LLC in the amount of $287,517, with pre-judgment interest of 9% from November 10, 2008 to the date judgment is entered.

Dated: July 11, 2013ENTER:

__________________________

J.S.C.