BNY Seeks To Duck Suit Over $1B Lyondell-Basell Losses

Law360, New York (March 30, 2012, 8:31 PM EDT) -- The Bank of New York Mellon Corp. on Thursday appealed a New York state judge’s ruling that only partially tossed a suit alleging it cost hedge funds $1 billion with its work on Basell AF SCA’s buyout of Lyondell Chemical Co., which bankrupted the combined company.

A group of hedge funds allege that they lost $1 billion when BNY Mellon, the indenture trustee on Basell bonds, gave the green light to Lyondell's buyout, which allegedly bankrupted the company.

On Feb. 28, Judge Shirley Werner Kornreich dismissed...
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