Mexican bluefin tuna lawsuit standoff ends with court decision
Plaintiffs allege defendants held them and their operations hostage when they took over a 2005 defaulted loan and the company's fleet as collateral.
A squabble between three Mexican bluefin tuna companies ended Monday with a decision handed down by a New York district judge in which two tuna firms will receive $2.3 million (€2 million) from their rival tuna firm.
Mexican firms Maricultura del Norte, Servax Bleu and Umami Sustainable Seafood farm and fish bluefin tuna off the coast of Baja California and control all Mexican exports of bluefin tuna to the United States.
Maricultura and Servax started a joint venture in 2012 and control half of these exports and Umami controls the other 50 percent. US bluefin tuna imports from Mexico represent more than 35 percent of the US bluefin tuna market.
Maricultura del Norte and Servax Bleu filed a lawsuit at the end of 2014 against Mexican bluefin tuna farmer Umami Sustainable Seafood, investment firm Amerra Capital Management and its managing director, Craig Tashjian as well as finance companies WorldBusiness Capital and Overseas Private Investment Corporation.
The suit alleges breach of contract, breach of the implied duty of good faith and fair dealing, tortious interference with contractual relations, conversion, breach of fiduciary duty, fraudulent concealment, fraud and violations of the Sherman Act.
On Friday, the court ordered Worldbusiness Capital and Umami to pay the plaintiffs about $1.6 million (€1.4 million), which represents the difference in interest awarded so far and $750,000 (€637,500) in assessed customs liabilities -- a total of $2.3 million (€2 million).
Maricultura defaulted on a$9.9 million (€8.4 million) loan from Worldbusiness Capital. The loan was secured by its approximately 20 fishing vessels, which were foreclosed on and seized. Plaintiffs alleged they attempted to repay the loan, but Worldbusiness Capital allegedly refused to inform them of the exact amount owed and assigned the loan to Umami, who also allegedly refused to provide a total payoff amount.
"Servax had disclosed Maricultura's default to Amerra in connection with a potential bid for financing; Amerra allegedly promised to keep the information confidential, but broke its promise and informed Umami about Maricultura's default so Umami could take over Marnor's loan from Worldbusiness Capital.
By eliminating the competition, Umami could become more profitable and repay the money it owed to Amerra,” according to court documents.
Amerra made a motion to dismiss the lawsuit claims. All claims against Amerra were dismissed except the plaintiff's breach of contract claim.
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