Texas Court to Commence Trial Against Credit Suisse and Deutsche Bank in May
THE WOODLANDS, Texas, Nov. 24 /PRNewswire-FirstCall/ -- Huntsman Corporation (NYSE: HUN) today announced that the jury trial for its multi-billion dollar tortious interference claims against Credit Suisse and Deutsche Bank is set to begin on May 11, 2009, in Montgomery County, Texas.
The Banks had sought to delay the trial of the claims against them to October of 2009, but Judge Fred Edwards refused to do so. The Court also, at Huntsman's request, denied the Banks' request to consolidate Huntsman's claims against Apollo Management, Black and Harris with Huntsman's claims against the Banks. The trial of Huntsman's claims against the Banks was moved to May in order to permit the court to address jurisdictional objections raised in Huntsman's separate case against Apollo Management, Leon Black, and Josh Harris. Those objections will be heard on January 12, 2009.
Vice Chancellor Stephen Lamb of the Delaware Court of Chancery also has set a May 4, 2009 date to hear Huntsman's multi-billion dollar claims for damages against Hexion Specialty Chemicals, Inc. for its knowing and intentional breach of numerous provisions of the merger agreement between Hexion and Huntsman.
Huntsman's President and CEO Peter Huntsman stated, "I am pleased that we need wait no longer than May to present our multi-billion dollar claims against the banks to a Texas jury. We look forward to the opportunity to make our case."
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 www.huntsman.com.
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.
SOURCE Huntsman Corporation
Released November 24, 2008