Luigi Bormioli Corp., Inc. v. United States
United States Court of Appeals for the Federal Circuit
304 F.3d 1362 (2002)

- Written by Josh Lee, JD
Facts
Luigi Bormioli Corp. (Bormioli) (plaintiff) imported glassware into the United States. Bormioli purchased the glassware from its Italian parent company and entered into a letter agreement granting extended payment terms. In exchange, Bormioli agreed to pay interest payments on the purchases. However, Bormioli did not follow the agreement. The payments were made later than agreed, and the interest payments were set at 15 percent per year instead of the approximately 11.1 percent prime rate set out in the agreement. Customs appraised Bormioli’s imports and determined that the interest payments, which were 1.25 percent per month, were included in the value of the goods imported. Bormioli filed a lawsuit in the Court of International Trade challenging the decision. The trial court granted summary judgment to customs, and Bormioli appealed.
Rule of Law
Issue
Holding and Reasoning (Archer, J.)
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