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Israel Chemicals, 2 units facing lawsuit for alleged unfair product prices

Israel Chemicals Ltd. and its Rotem Amfert Negev Ltd. and Fertilizers and Chemicals Ltd. units are facing a class-action lawsuit for allegedly using their "monopolistic position" to overcharge customers of solid phosphate fertilizer from 2011 to 2018.

The plaintiffs are seeking damages of about US$15 million, based on the difference between the price of the product and its cost, or about US$20 million, based on the product price compared to the price in other markets.

The company said total sales of solid phosphate fertilizer in 2017 are negligible.

Israel Chemicals said July 2 that it is reviewing the application and will deliver its position to the court.