IPI, USA Fanter settle long-running dispute
Imperial Pacific International (CNMI) LLC and USA Fanter Corp. have reached a settlement and have officially resolved the yearslong breach of contract lawsuit that resulted in a court-sanctioned receivership.
Last July 19, IPI and USA Fanter entered into a settlement agreement with the U.S. District Court for the NMI where they agreed to fully and finally resolve their breach of contract case. The settlement included all amounts due or claimed pursuant to the amended judgment, any pending or potential petitions for attorney’s fees, costs, or interest in the case in consideration of a final payment in the amount of $251,581.44, which was tendered in payment to USA Fanter’s counsel.
“While the parties acknowledge that, due to the establishment of the limited receivership, the court may not wish to close this case, all claims made by USA Fanter in this case have been satisfied,” states the agreement.
District Court for the NMI Chief Judge Ramona V. Manglona ordered Thompson Law Office LLC to promptly release the amount of $251,581.44 from its Client Trust Account to USA Fanter.
According to court documents, USA Fanter sued IPI for alleged failure to pay the full amount due to the plaintiff under their construction contract for labor and materials provided to build IPI’s casino property in Garapan.
The lawsuit stated that IPI had paid USA Fanter $300,000 only and the unpaid balance due was not less than $2,089,345.28.
The judge issued a final judgment in favor of USA Fanter.
On May 26, 2021, the court entered an amended judgment in favor of USA Fanter, and against IPI, in the amount of $2,089,345.28, plus pre- and post-judgment interest, and costs.
On Jan. 4, 2022, the court issued an order staying the judgment, based on IPI posting an appeal bond in the amount of $2,450,000 to secure the judgment pending its appeal to the U.S. Court of Appeals for the Ninth Circuit.
On Dec. 7, 2022, the district court ordered the release of the appeal bond to Thompson Law LLC’s Client Trust Account.
USA Fanter, in turn, asked the Ninth Circuit for an award of attorney’s fees and costs in connection with IPI’s appeal.
