Summary Judgment Rulings Clear Way for Multi-Billion Dollar Texas Trial Against Credit Suisse and Deutsche Bank on June 8, 2009
HOUSTON, May 11, 2009 – Gibbs & Bruns LLP today announced a sweeping victory on summary judgment rulings in Huntsman Corporation’s multi-billion dollar fraud and tortious interference action against Defendants Credit Suisse and Deutsche Bank. Following a day-long hearing, and after considering hundreds of pages of briefing and exhibits, Huntsman defeated six of eight summary judgment motions filed by Credit Suisse and Deutsche Bank. The rulings, by the Honorable Fred Edwards of the 9th District Court of Montgomery County, Texas, cleared the way for Huntsman to proceed to trial on June 8, 2009 on its claims of common-law fraud in connection with Huntsman’s merger agreement with Basell, tortious interference with Huntsman’s merger agreement with Hexion, negligent misrepresentation, and civil conspiracy.
Judge Edwards also rejected two key damages summary judgments sought by the Banks. As a result, Huntsman will be permitted to present to the jury damages based on the merger consideration that would have been paid to its shareholders had the merger agreement with Basell ($3.6 billion) and Hexion ($4.6 billion) closed. Huntsman will also be permitted to offer evidence of the significant mark-to-market losses the Banks sought to avoid through the conduct at issue in the case and will be permitted to seek an alternative remedy of unjust enrichment on Huntsman’s claims of fraud and tortious interference. In separate rulings, Judge Edwards granted two summary judgments involving claims of statutory fraud and tortious interference with the Basell agreement. These rulings, however, do not remove any damages or facts from the jury’s consideration at trial.
Lead Counsel for Huntsman Corporation is Gibbs & Bruns LLP. Additional counsel includes Beck, Redden & Secrest, L.L.P. and Dan Downey P.C. Defendants are represented by Cravath Swaine & Moore LLP and Baker Botts L.L.P.
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