Huntsman's Texas Case Moves Toward Trial
November 12 2008 - 7:52AM
PR Newswire (US)
THE WOODLANDS, Texas, Nov. 12 /PRNewswire-FirstCall/ -- Huntsman
Corporation (NYSE:HUN) today announced that it has commenced
discovery in its Texas lawsuit against Deutsche Bank and Credit
Suisse. Huntsman's multi-billion dollar tortious interference
claims against the Bank Defendants are set for trial on February 9,
2009, in Montgomery County, Texas. Huntsman's Texas claims are
separate from the claims pursued by Hexion Specialty Chemicals,
Inc. against the same parties in New York. The Bank Defendants'
effort to force Huntsman to litigate its claims in New York has
been rejected by the Texas court. Huntsman therefore is not -- and
will not be -- a party to Hexion's New York case. Huntsman has
advised the Bank Defendants that it intends to pursue prompt
depositions of senior Credit Suisse and Deutsche Bank executives,
including Gary Vogle, the global head of private equity for Credit
Suisse, and Thomas Gahan, former head of investment banking for
Deutsche Bank. Huntsman's President and CEO Peter Huntsman
observed, "We are eager to try our Texas claims, which have already
withstood appellate review in the Texas Court of Appeals. We are
confident that a Texas jury will see -- and be willing to redress
-- the serious injuries Huntsman has suffered at the hands of these
banks." About Huntsman: Huntsman is a global manufacturer and
marketer of differentiated chemicals. Its operating companies
manufacture products for a variety of global industries, including
chemicals, plastics, automotive, aviation, textiles, footwear,
paints and coatings, construction, technology, agriculture, health
care, detergent, personal care, furniture, appliances and
packaging. Originally known for pioneering innovations in packaging
and, later, for rapid and integrated growth in petrochemicals,
Huntsman today has 13,000 employees and operates from multiple
locations worldwide. The Company had 2007 revenues of approximately
$10 billion. For more information about Huntsman, please visit the
company's website at http://www.huntsman.com/. Forward-Looking
Statements: Statements in this release that are not historical are
forward-looking statements. These statements are based on
management's current beliefs and expectations. The forward-looking
statements in this release are subject to uncertainty and changes
in circumstances and involve risks and uncertainties that may
affect the company's operations, markets, products, services,
prices and other factors as discussed in the Huntsman companies'
filings with the U.S. Securities and Exchange Commission.
Significant risks and uncertainties may relate to, but are not
limited to, financial, economic, competitive, environmental,
political, legal, regulatory and technological factors. In
addition, the completion of any transactions described in this
release is subject to a number of uncertainties and closing will be
subject to approvals and other customary conditions. Accordingly,
there can be no assurance that such transactions will be completed
or that the company's expectations will be realized. The company
assumes no obligation to provide revisions to any forward-looking
statements should circumstances change, except as otherwise
required by applicable laws. DATASOURCE: Huntsman Corporation
CONTACT: media, Russ Stolle, +1-281-719-6624, or investor
relations, Kurt Ogden, +1-801-584-5959, both for Huntsman
Corporation Web site: http://www.huntsman.com/
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