Lyondell, UBS Ask Court To Block Highland Suit

Law360, New York (August 12, 2010, 12:25 PM EDT) -- Lyondell Chemical Co. has asked a bankruptcy judge to block a lawsuit Highland Capital Management LP filed in New York state court against Lyondell and UBS AG over an exit financing agreement, saying the suit violates Lyondell's recently confirmed Chapter 11 plan.

Highland's suit is “a transparent attempt to end-run around the court’s confirmation order and multiple provisions of the plan,” according to a motion Lyondell filed Tuesday in the U.S. Bankruptcy Court for the Southern District of New York.

The suit alleges that Lyondell and...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.