IPI agrees to pay USA Fanter to settle lawsuit

Imperial Pacific will pay USA Fanter US$251,581 over unpaid construction bills.

Northern Mariana Islands.- Imperial Pacific International (IPI) has reached an agreement with USA Fanter Corp in a long-standing legal battle According to Mariana’s Variety, chief judge Ramona V. Manglona of the District Court for the NMI has issued a mandate directing Thompson Law to release US$251,581.44 from its Client Trust Account to USA Fanter.

USA Fanter had sued IPI for failing to pay the full amount due under its construction contract for labour and materials at IPI’s property. IPI paid USA Fanter US$300,000 while the unpaid balance was over US$2,089,345.

USA Fanter won a judgement vut IPI appeaedl to the US Court of Appeals for the Ninth Circuit, leading to the issuance of an order for an appeal bond worth US$2,450,000. The parties have now entered a settlement agreement resolving the case.

According to the stipulation, “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.”