Peterson v. First Nat. Bank of Iowa, 86-1553
| Court | Court of Appeals of Iowa |
| Writing for the Court | Considered by OXBERGER; OXBERGER |
| Citation | 423 N.W.2d 889 |
| Parties | Keel PETERSON and Linda Peterson, Plaintiffs-Appellants, v. FIRST NATIONAL BANK OF IOWA, Defendant-Appellee. |
| Docket Number | No. 86-1553,86-1553 |
| Decision Date | 09 March 1988 |
Page 889
v.
FIRST NATIONAL BANK OF IOWA, Defendant-Appellee.
Page 890
Peter C. Riley of Tom Riley Law Firm, P.C., Cedar Rapids, for plaintiffs-appellants.
Roger Stone and James Peters of Simmons, Perrine, Albright and Ellwood, Cedar Rapids, for defendant-appellee.
Considered by OXBERGER, C.J., and DONIELSON and SACKETT, JJ.
OXBERGER, Chief Judge.
The plaintiffs appeal the district court ruling calculating the prejudgment interest and determining the appropriate date to offset the plaintiffs' and defendant's judgments. The plaintiffs contend the trial court erred in not allowing prejudgment interest on punitive damages and in setting off the respective judgments on the date of judgment and not when plaintiffs initially filed suit. We affirm.
On March 25, 1983, the Petersons commenced an action against First National Bank of Iowa (Bank). The Bank counterclaimed. The Petersons recovered $400,000 in compensatory damages and $150,000 in punitive damages. The Bank recovered $206,716.29 on its counterclaim. These judgments were reinstated by this court in Peterson v. First National Bank of Iowa, 392 N.W.2d 158 (Iowa App.1986).
A hearing was held to determine the net judgment due to the Petersons as a result of a dispute as to when interest would begin to accrue on the Petersons' judgment for compensatory and punitive damages. There was also a dispute as to when the judgments should be offset.
The district court ordered that both the Petersons' and Bank's judgments would accrue postcommencement interest from their respective dates of filing. The Petersons' judgment for punitive damages began accruing interest the date of the judgment entry. The court then ordered the Petersons' judgment to be offset with the Bank's as of the date of the judgment entry. The excess was then added to the Petersons' judgment for punitive damages.
The Petersons claim they should be allowed prejudgment interest on the punitive damages. They argue Iowa Codes section 535.3 as amended in 1980 supersedes prior case law and that the statute includes punitive damages.
It is well established in Iowa that prejudgment interest is not allowed on awards of punitive damages. In re IBP Confidential Business Documents Litig., 755 F.2d 1300, 1319-20 (8th Cir.1985); Midwest Management Corp. v. Stephens, 353 N.W.2d 76, 82 (Iowa 1984); Hall v. Montgomery...
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