USA: ML Macadamia Orchards' contracts upheld
ML Macadamia Orchards, L.P. (NYSE:NUT) was awarded a summary judgment decision Monday (4 June) in support of claims against its exclusive customer, Mauna Loa Macadamia Nut Corporation. The dispute resulted from Mauna Loa's refusal to pay for nuts in accordance with the terms of various nut purchase contracts that had been in effect between the parties for almost 15 years. The court ruled that Mauna Loa had wrongfully deducted and withheld more than $1 million in payments due to ML Macadamia Orchards (MLMO) since October of last year. It is not yet known whether Mauna Loa will appeal the decision.
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