Lyondell Settles Severance Claims For $3M

Law360, New York (June 9, 2011, 6:07 PM EDT) -- Reorganized petrochemical giant Lyondell Chemical Co. on Wednesday sought bankruptcy court approval in New York of a $3 million class settlement resolving claims from former employees seeking better severance packages.

Lyondell sought preliminary approval of a class action settlement that would provide roughly 440 employees who opted for early retirement between 60 and 80 percent of the bonuses they claim they were denied when they departed during Lyondell’s Chapter 11 case. Lyondell exited bankruptcy protection in April 2010, having discharged about $20 billion in debt....
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