John, as far as i can tell, the sequence setting is correct. The source is actually a encoding of a movie i own, I'm just trying to play around with it in premiere. In CS6 if the settings don't match when you drop it in the timeline it asks if you want to change them to match, which i did. Its not the length in the timeline that's wrong its the length in the project bin.
I can't help, but maybe if you post details of what is in the file someone may be able to help
Report back with the codec details of your file, use the programs below... a screen shot works well to SHOW people what you are doing
source is actually a encoding of a movie i own
You're better off using camera sourced media. You should have fewer problems that way.
Screeshot from mediainfo
Here is the length when i played the file in vlc
but yet when i import the file into premiere i see this
I've even tried reencoding the 264 file with badaboomit to mp4 and i get the same thing in premiere
I couldn't get it exact because premiere rounds to two places when you click off, but even that is longer than it was originally