Victoria Police has agreed to an 11th hour, multimillion-dollar settlement with two people who were shot by officers at a swingers' party in a Melbourne nightclub.

The Supreme Court heard on Wednesday that the State of Victoria had reached an agreement with Dale Ewins and Zita Sukys, who had been suing police for negligence and excessive force.

Dale Ewins and Zita Suykys leave the Supreme Court on Wednesday. Credit:AAP

Mr Ewins, 37, and Ms Sukys, 39, were engaged in a sex act at the Sinners and Saints fancy dress ball at the Inflation Nightclub in the CBD in July 2017 when police stormed in and fired at the former couple.

Each of the plaintiffs will receive more than a million dollars due to the bungled police operation.