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Class Action Against Bond Insurers for a Billion Dollars because of Dumped Chinese Food.
Special to Bee Culture by Alan Harman
Five American food product producers file a $1-billion lawsuit seeking class-action status against a handful of major insurance companies and the
The five producers are Sioux Honey Association, Adee Honey Farms, Monterey Mushrooms Inc., The Garlic
The Dow Jones news service reports the complaint alleges the insurers’ negligent issuance of customs surety bonds, and the subsequent refusal to pay under the bonds, allowed the sale of “huge amounts of competing food imports” from China at below cost, or “dumped” prices.
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“The dumping of these imports forced the domestic producers to significantly lower the prices for their competing products, causing the producers to lose hundreds of millions of dollars,” lawyer Michael Coursey of Kelly Drye & Warren LLP tells the new service. The company is representing the producers.
Customs bonds, required on all commercial imports entering the U.S., are contracts used for guaranteeing a specific obligation will be fulfilled between customs and an importer for any given import transaction.
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The complaint alleges that for eight years, the insurers negligently issued hundreds of customs surety bonds that guaranteed the payment of any dumping duties the government might determine were owed by
The lawsuit also claims the U.S. Customs and Border Protection and the Commerce Department failed to enforce four antidumping orders issued to protect domestic producers from dumped Chinese imports.
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The defendants include
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