Energy Conversion Trustee Sues Chinese Companies
A bankruptcy trustee for Energy Conversion Devices Inc. sued three Chinese companies, claiming their price-fixing and dumping drove the U.S. solar-panel maker out of business.
Trina Solar Ltd., Yingli Green Energy Holding Co. (YGE) and Suntech Power Holdings Co. (STP) conspired to export more than 95 percent of their production and dump it at artificially low prices to dominate the U.S. market, trustee John Madden said in an Oct. 4 lawsuit in U.S. District Court in Detroit.
The trustee is seeking compensation for the loss of $950 million, Energy Conversion’s book value, according to the complaint, which was earlier reported by the Wall Street Journal.
The case is Energy Conversion Devices Liquidation Trust v. Trina Solar Ltd., 13-cv-14241, U.S. District Court, Eastern District of Michigan.
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