Fish Ratings – London – 22 October: Fish Ratings has again affirmed the Long-Term Fish Default Rating (FDR) of a Non-existent Tuna sold by fishmonger Swiss Toni at ‘CCC’, after fish market regulators fined Swiss Toni $47.50 for failing to check that the fish existed.
The Non-existent Tuna’s ‘CCC’ rating reflects the fact that the fish does not exist and never has, but also factors in the prospect of customers recovering some of the money that they paid for it in highly complex legal proceedings. The conclusion of the probe by the fish market regulator does not mean the end of these law suits.
Customers are suing Swiss Toni over the Non-existent Tuna they bought from his market stall in 2013 on the basis that, when he sold it to them, he incorrectly claimed that it was (a) from sustainable fisheries, (b) a good source of Omega-3 fatty acids, and (c) delicious.
The customers allege that these claims were all false because the Tuna did not exist.
Swiss Toni had told the customers that the Tuna had been reeled in by local fisherman Moe Zambeek, but the customers claim Mr Zambeek never caught the fish. Some of the customers are also suing Mr Zambeek.
As part of his deal with the fish market regulator, Swiss Toni has agreed to let Mr Zambeek off the hook for a $20 loan.
Mr Zambeek, meanwhile, is suing Swiss Toni and Beirut Angling Supplies, Ltd, a local bait and tackle shop which was supposed to have provided Mr Zambeek with a fishing rod. Swiss Toni has brought counterclaims against Mr Zambeek and is also suing Beirut Angling Supplies, Ltd.
Further clarity on the recovery prospects for the Non-existent Tuna is unlikely to materialise in the short term, as the trial could last several years.