Huntsman Defeats Six Bank Motions in Fraud Case
May 11 2009 - 6:16PM
PR Newswire (US)
Judge Decides Huntsman Claims Will Proceed to Trial THE WOODLANDS,
Texas, May 11 /PRNewswire-FirstCall/ -- Huntsman Corporation
(NYSE:HUN) today 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." 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 more than 12,000 employees and operates from
multiple locations worldwide. The Company had 2008 revenues
exceeding US$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 of Huntsman
Corporation Web Site: http://www.huntsman.com/
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