Some importers have been offered cash now for their refund rights. Before signing, understand what is being sold, what it is worth, and whether the deal will hold up.
What has been reported
- In early 2026, Fortune reported that some importers sold refund rights for about 25 percent of the tariffs they paid, to buyers including hedge funds.
- By April 2026, the law firm Sidley Austin reported secondary-market pricing around 60 cents on the dollar, as refunds began to flow.
- Many refunds have since been paid in full, with interest, through CAPE. A discount that looked reasonable before the Supreme Court ruled may not be reasonable now.
Legal risks law firms have flagged
- Anti-Assignment Act: federal law (31 U.S.C. 3727) generally voids assignments of claims against the United States made before the claim is allowed, the amount decided, and a payment warrant issued. Most IEEPA refund claims were not at that stage when sold.
- Who CBP pays: only the Importer of Record or the filing broker can file in CAPE, and refunds go by ACH to the importer or its Form 4811 designee. A buyer depends on the importer to pass the money on.
- Other claims on the money: customer lawsuits and contract claims may reduce what the refund is worth. See passing refunds to customers.
- Lenders may prefer a security interest in the proceeds over an outright sale, for these reasons.
Questions to ask
- What would I receive if I simply file in CAPE and wait? Compare that to the offer.
- Does the contract require me to send refunds or interest to the buyer, and by when?
- What happens if the refund is larger, smaller, or never paid?
- Has my own attorney reviewed the agreement?
What this means for importers
For entries CAPE can process, filing yourself may be worth more than any discount offer. Have an attorney review any agreement before you sign.
General information, not legal or customs advice. Facts last reviewed September 24, 2026. Confirm dates and options for your entries with a licensed professional.
Sources
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General information, not legal advice. Tariff refund rules and court rulings are changing. Deadlines depend on your own entries. Confirm your options with a licensed customs broker or attorney. TariffClarity is not a law firm or customs broker.