THE WOODLANDS, Texas, Nov. 12 /PRNewswire-FirstCall/ -- Huntsman
Corporation (NYSE: HUN) today announced that it has commenced discovery in its
Texas lawsuit against Deutsche Bank and Credit Suisse. Huntsman's
multi-billion dollar tortious interference claims against the Bank Defendants
are set for trial on February 9, 2009, in Montgomery County, Texas.
Huntsman's Texas claims are separate from the claims pursued by Hexion
Specialty Chemicals, Inc. against the same parties in New York. The Bank
Defendants' effort to force Huntsman to litigate its claims in New York has
been rejected by the Texas court. Huntsman therefore is not -- and will not
be -- a party to Hexion's New York case.
Huntsman has advised the Bank Defendants that it intends to pursue prompt
depositions of senior Credit Suisse and Deutsche Bank executives, including
Gary Vogle, the global head of private equity for Credit Suisse, and Thomas
Gahan, former head of investment banking for Deutsche Bank.
Huntsman's President and CEO Peter Huntsman observed, "We are eager to try
our Texas claims, which have already withstood appellate review in the Texas
Court of Appeals. 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."
About Huntsman:
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.
Forward-Looking Statements:
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.
