CIT Sinks Gov't Claim To $5.6M In Interest On GAIC Bonds

Law360, New York (April 12, 2012, 3:29 PM EDT) -- The Court of International Trade on Wednesday rejected the government’s bid to force the Great American Insurance Co. of New York to pay an estimated $5.6 million in interest based on an obscure statute dating back to 1799.

Senior Judge Richard W. Goldberg denied U.S. Customs and Border Protection’s motion to compel GAIC to pay a 6 percent yearly interest rate based on an old statute related to duties. The government sought to force GAIC to pay out interest on a $6 million award the government...
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