Food Makers File $700M Surety Bond Suit V. Insurers

Law360, New York (April 7, 2009, 12:00 AM EDT) -- U.S. producers of garlic, crawfish meat, mushrooms and honey on Tuesday filed a $723 million purported class action accusing insurers of negligently issuing customs surety bonds and then refusing to pay under those bonds when cheap Chinese imports drove down the price of imported goods.

The complaint, filed in in the U.S. Court of International Trade, states that for eight years, between May 1998 and August 2006, insurers negligently issued hundreds of customs surety bonds that guaranteed the payment of any dumping duties the government might...
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