Bankrupt solar firm Solyndra has filed a lawsuit against three U.S.-listed Chinese solar players, including Suntech Power Holdings Co , seeking $1.5 billion in compensation due to monopolization by these firms, according to court documents filed on Thursday.
The lawsuit was filed against Suntech, Trina Solar Ltd and Yingli Green Energy Holding Co claiming that the trio’s panel prices moved in tandem – falling 75 percent in four years in the U.S.
Solyndra, which claims in the lawsuit that the trio were involved in predatory pricing and price fixing, filed for bankruptcy a year ago as it could no longer compete with plunging prices of solar panels imported from China.
U.S. solar companies launched a complaint last year alleging protectionism from Beijing for Chinese panel makers, sparking trade disputes between the two countries.
As a result of the ongoing tryst, the U.S. slapped steep final duties on billions of dollars of solar energy products from China earlier this week.
Defendants – Suntech, Trina and Yingli – came to the U.S. and raised money from the stock market and deployed that capital to “destroy” American solar manufacturers, said Solyndra in the suit filed in a Northern California district court.