Great American Settles Suit Over Unpaid Duties

By Samuel Howard

Law360, New York (February 26, 2010, 2:10 PM ET) -- Great American Insurance Company of New York has agreed to cough up $100,000 to settle the U.S. government’s lawsuit over customs bonds issued to a trading company that owes roughly $3 million in import fees.

The U.S. and Great American asked Judge Gregory Carman on Thursday to approve the settlement agreement, ending the government’s quest to recover bond amounts tied to seven shipments imported between July 2000 and June 2001.

The complaint sought the full $100,000 due under the bond period for Great American’s continuous $50,000...
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