Home / Knowledge / News / Textiles / Judge decides Huntsman claims will proceed to trial
Judge decides Huntsman claims will proceed to trial
18
May '09
Huntsman Corporation announced that Judge Fred Edwards of the 9th District Court of Montgomery County, Texas, ruled in favor of Huntsman on six motions, clearing the way for Huntsman to proceed to trial on the core claims of its multi-billion dollar damage suit against Credit Suisse and Deutsche Bank on June 8, 2009.

Following a day-long hearing, and after reviewing hundreds of pages of briefing and evidence, Judge Edwards determined that Huntsman will proceed to trial on the following claims against the Banks: common law fraud in connection with the Basell agreement, tortious interference with Huntsman's merger agreement with Hexion, negligent misrepresentation, and civil conspiracy.

The Court's rulings permit Huntsman to submit to the jury damages based upon the merger consideration that would have been paid to its shareholders under its merger agreements with Basell ($3.6 billion) and Hexion ($4.6 billion), and rejected the Banks' argument that Huntsman could not present evidence concerning the Banks' multi-billion dollar mark-to-market losses, or unjust enrichment as a remedy for fraud and tortious interference.

The Court granted two of the Banks' motions, neither of which reduces the damages Huntsman is entitled to present to the jury at the trial.

Huntsman's President and CEO, Peter Huntsman, who was present in the courtroom for much of the day-long hearing, said “It was obvious that Judge Edwards had devoted considerable attention to these motions, and had considered them carefully before the hearing began. We appreciate the time he took to give all parties a full and fair hearing. Huntsman has always believed that our cause is just, and we now look forward to presenting our claims to the jury on June 8, 2009.”

Huntsman International LLC

Must ReadView All

Courtesy: Myntra

Apparel/Garments | On 3rd Dec 2016

Myntra to be EBITA positive by FY18: CEO Narayanan

Myntra is on track to achieve sustainable growth and be EBITA...

Courtesy: India ITME Society

Textiles | On 3rd Dec 2016

India ITME 2016 opens with over 1050 exhibitors

The India International Textile Machinery Exhibition (India ITME)...

Courtesy: Bruckner

Textiles | On 3rd Dec 2016

Indian textile companies opt for Brückner stenter lines

Indian textile firms Laxmipati Sarees, makers of polyester sarees and ...

Interviews View All

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search