BNY Defends $18B Debt Addition In Suit Over Basell Deal

Law360, New York (February 07, 2013, 7:35 PM ET) -- The Bank of New York Mellon Corp. told a New York state appeals court Thursday that tacking on $18 billion in senior debt to an intercreditor agreement didn't change its deal with hedge funds that are now suing for losses tied to Basell AF SCA's buyout of Lyondell Chemical Co.

BNY Mellon is appealing a lower court's March ruling that dismissed only one of three claims in a suit lodged by hedge funds that contend the bank's approval of extra senior debt when it served as...
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