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: Reliance Industries

Textiles | On 24th Apr 2017

Reliance’s FY17 revenue from petrochemicals up 12.2%

Increase in prices across polymers and polyester chain has...

Textiles | On 24th Apr 2017

India, Kazakhstan to increase cooperation in textiles

Indian and Kazakhstan are deliberating upon increasing cooperation in ...

Textiles | On 24th Apr 2017

GST reflects 'One nation, One aspiration' spirit: Modi

Prime Minister Narendra Modi has said that the Goods and Services Tax ...

Interviews View All

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Marcel Alberts
Eurofibers

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

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Johan Berlin
InvestKonsult Sweden AB

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

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

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
April 2017

April 2017

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

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search