Cement Division, National Gypsum Company, Reed and Brown, Incorporated, New York Marine Managers, Incorporated v. City of Milwaukee

CUDAHY, Circuit Judge.

On December 4, 1992 (the settlement date), the defendant paid the plaintiffs $1,677,541.86 (the settlement amount) to settle, in part, a lawsuit. The suit involved the defendant’s liability for the sinking of a ship owned by one of the plaintiffs and insured by the others. The settlement left open only the extent of the defendant’s liability for prejudgment interest on the judgment. There was a difference of opinion whether prejudgment interest should be awarded at all, but that has been straightened out. See City of Milwaukee v. Cement Div., National Gypsum Co., 515…