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Marathon Corp. v. Pitzner8/2/2001
k's record shows that PEG settled with appellee for $205,000. The clerk's record also shows that York, ECS and Hull settled with appellee, but does not reveal the settlement amounts. Because it was entitled to a credit for the entire amount of settlement, we hold the trial court erred in refusing to allow Marathon to discover the total amount of all settlements received by appellee.
Because appellee conceded that Marathon was entitled to a settlement credit, we abated this case to the trial court to determine the total amount of all settlements received by appellee. The trial court subsequently signed an order in which it found that the total amount of all settlements received by appellee was $700,000. The supplemental record includes a copy of the trial court's order.
Accordingly, we hold that appellant is entitled to a dollar-for-dollar settlement credit of $700,000. We sustain appellant's tenth issue.
G. Prejudgment Interest
In its eleventh issue, Marathon asserts the trial court erred in its calculation of prejudgment interest. Appellee concedes this issue.
Under the version of the finance code in effect at the time of this judgment, prejudgment interest begins to accrue on the earlier of (1) 180 days after the date a defendant receives a written notice of a claim or (2) the date suit is filed. Act of June 3, 1987, 70th Leg., 1st C.S., ch. 3, § 1, 1987 Tex. Gen. Laws 51 (current version at Tex. Fin. Code Ann. § 304.104 (Vernon Supp. 2001)); Johnson & Higgins of Tex., Inc. v. Kenneco Energy, Inc., 962 S.W.2d 507, 531 (Tex. 1998). Prejudgment interest accrues as simple interest at the rate of ten percent per annum. Act of June 3, 1987, 70th Leg., 1st C.S., ch. 3, § 1, 1987 Tex. Gen. Laws 51 (current version at Tex. Fin. Code Ann. § 304.103 (Vernon Supp. 2001)); Johnson & Higgins, 962 S.W.2d at 531. Prejudgment interest accrues until the day preceding the date judgment is rendered. Act of June 3, 1987, 70th Leg., 1st C.S., ch. 3, § 1, 1987 Tex. Gen. Laws 51 (current version at Tex. Fin. Code Ann. § 304.104 (Vernon Supp. 2001)).
The record establishes that this case was filed on August 7, 1995, and that the 180th day after appellant first received notice of this claim was April 22, 1995. We conclude that prejudgment interest in this case runs from April 22, 1995 until January 22, 1998, the day preceding the date of the judgment, at the rate of ten percent per annum. We hold the trial court erred in its calculation of prejudgment interest. We sustain appellant's eleventh issue.
H. Conclusion
Because we have held that appellant is entitled to a dollar-for-dollar settlement credit of $700,000.00, and that the trial court erred in its calculation of prejudgment interest, we modify the trial court's judgment as follows:
John Pitzner, a mentally incompetent person by and through his next friend and guardian, Steven Pitzner, is granted judgment and shall recover from Marathon Corporation d/b/a Honda-Suzuki North actual damages in the amount of $5,245,500.00, together with prejudgment interest thereon at the rate of ten percent per annum from April 22, 1995 until January 22, 1998, all costs of court, and postjudgment interest at the rate of ten percent per annum from January 23, 1998 until paid.
As modified, the trial court's judgment is affirmed.
FEDERICO G. HINOJOSA, Justice
Publish. Tex. R. App. P. 47.3.
Opinion delivered and filed this the 2nd day of August, 2001.
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