Business News

Huntsman Defeats Six Bank Motions in Fraud Case

Wednesday 13. May 2009 - Judge Decides Huntsman Claims Will Proceed to Trial

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.”