Family-owned Huntsman Corporation has begun to form its case against Deutsche Bank and Credit Suisse in its multibillion dollar tortious interference lawsuit, scheduled for 9 February next year in Texas.
The lawsuit is the latest instalment in the stop-go merger between Huntsman and Hexion Speciality Chemicals.
In its announcement, Huntsman named Harold Bogle, the global head of private equity for Credit Suisse, and Thomas Gahan, former head of investment banking for Deutsche Bank, as the people against whom it intends to pursue prompt depositions.
It is being speculated that the commencement of discovery will include searching for any evidence that links the banks with Apollo Management, the private equity firm owners of Hexion with whom Huntsman entered into an agreement with over the merger.
Apollo looked to back out of the merger in June, while the two banks claim any such merger would be insolvent. A district has since forbidden the banks from filing any lawsuit to such effect.
"We are eager to try our Texas claims, which have already withstood appellate review in the Texas Court of Appeals," said Huntsman's President and CEO Peter Huntsman. "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."
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