Huntsman v. Credit Suisse

SETTLED

Trial
06/15/09 – 06/23/09

Summary

A Texas jury will hear a multibillion dollar claim by Huntsman Corp. that two of the world's largest banks, Credit Suisse and Deutsche Bank, scuttled its proposed mergers with Hexion Chemical and Basell Holdings, NV. Credit Suisse and Deutsche Bank were supposed to finance the deals, but backed away when the credit markets deteriorated last fall. Among the claims Huntsman is pursuing are tortuous interference and common law fraud.

Hexion Chemical is owned by Leon Black's Apollo Management. In one of the most noteworthy rulings last year, Delaware Chancery Court vice-chancellor Stephen Lamb found that Hexion breached its merger agreement with Huntsman. Hexion eventually settled that litigation for $1 billion, including a $425 million cash payment to Huntsman. Apollo and Hexion are cooperating with Huntsman in this litigation. (For video of the Delaware litigation, please click here.)

Presiding over the trial is Texas Ninth District state court Judge Fred Edwards, a Republican who has been on the bench since 1993. The trial will be held Conroe, Tex., which is about 14 miles from Huntsman's U.S. headquarters. Lead counsel for Huntsman is Jean Frizzell, Robin Gibbs and Kathy Patrick of Gibbs & Bruns. Lead counsel for the banks is Richard Clary of Cravath, Swaine & Moore and G. Irvin Terrell of Baker Botts. The trial is expected to last approximately four weeks.

View a clip from September's Hexion v. Huntsman Trial.

View a clip from October's Hexion v. Huntsman Hearing.

View a clip from November's Huntsman v. Credit Suisse Hearing.

View a clip from May's Huntsman v. Credit Suisse Hearing.

Outcome

Settled

Case Information
Attorneys
Witnesses
Plaintiff
Defense
Judge
Fred Edwards
Jurisdiction
9th District Court of Texas
Court
Montgomery County Courthouse
Case Number
080606037
Industry
Finance
Practice Area
Mergers and Acquisitions, Tort Law, Fraud
Plaintiff
Huntsman Corp.
Defense
Credit Suisse Securities USA LLC
Expert Witnesses
Lay Witnesses

Sessions

JUN
15
JUN
16
JUN
17
JUN
18
PM Session
Not in Session
0 Chapters
JUN
19
JUN
22
PM Session
Not in Session
0 Chapters
JUN
23

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