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Suit Filed Against Sureties

This is too interesting to wait for me to digest it.  On April 10, an 82 page complaint was filed in an attempt to start a class action in the Court of International Trade.  The complaint alleges that several sureties negligently issued bonds in antidumping new shipper reviews to companies that were thinly capitalized and otherwise not likely to pay.  Those importers defaulted and Customs and Border Protection has not moved to collect the antidumping duties from the sureties.  As a result, interested parties in the U.S. have been injured be the lack of meaningful remedial antidumping duty collection and by the loss of available funds under the Byrd Amendment.  According to the complaint, the amount involved is in excess of $700 million.

Full post as published by Customs Law on April 13, 2009 (boomark / email).