Hi Mike:
I too have experienced this "bleed" problem in Premiere cc 2014. I have one video clip over a still image, and the still image shows through the video! I can suggest two solutions that have worked for me:
- Try reinstalling Adobe Premiere, odd problems can sometimes be a result of faulty execution.
- Try adding a "black" or "white" video below the video using "New Item" -> "Black Video" or "New Item" -> "Color Matte" from file menu (or right clicking from the project panel) to reduce the amount of bleed.