Credit Suisse and Deutsche Bank settle Huntsman suit.
Global Banking News-24 June 2009-Credit Suisse and Deutsche Bank settle Huntsman suit(C)2009 ENPublishing - http://www.enpublishing.co.uk
Global Banking News - 24 June 2009(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk
Switzerland-based Credit Suisse AG (NYSE: CS) and Deutsche Bank AG (NYSE: DB) have agreed to settle a lawsuit with Huntsman Corp.
The two banks have agreed to pay a total of USD1.73bn in cash and financing to settle a suit over the failed merger of Huntsman Corp. The settlement is almost two-thirds less than the USD4.6bn demanded in actual damages by lawyers of Huntsman Corp.
Huntsman Corp sued the banks over claims that they interfered with an acquisition of the company and also refused to fund another buyout bid. Huntsman Corp's merger plans with a unit of Apollo management LLP was scuttled last year when the banks backed out because of concerns that the US economic slump would leave the resulting company insolvent.
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