BNY Mellon Still On Hook For $1B Lyondell Suit: Funds

Law360, New York (March 15, 2011, 5:20 PM EDT) -- A group of hedge funds that hold about $1 billion in Basell AF SCA debt told a New York judge Tuesday that a settlement in Lyondell Chemical Co.'s bankruptcy doesn't preclude their case against Bank of New York Mellon.

The settlement agreement release specifically carved out BNY Mellon, which was the indenture trustee on the Basell notes when it agreed to a leveraged buyout of Lyondell that allegedly bankrupted the company, the funds' attorney, Michael S. Shuster of Kasowitz Benson Torres & Friedman LLP, told Judge...
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