The family of a diamond dealer killed by a pair of New York Police Department detectives working as mob hit men has gotten a $5 million settlement in a wrongful-death lawsuit.

Lawyers for the family of Israel Greenwald announced the settlement Thursday. New York City's law department confirmed the deal.

The family sued in 2006 after Louis Eppolito and Stephen Caracappa were convicted in the so-called Mafia Cops case.

Authorities accused the pair in the killings of eight people between 1986 and 1990 in exchange for cash from an organized crime family.

Greenwald was gunned down in 1986 after being pulled over by Eppolito and Caracappa. Prosecutors say the mob believed he was cooperating with the FBI.

Eppolito and Caracappa are serving life sentences. A defense attorney said their convictions were "not justice."