Lyondell Directors Fire Back At Stock Option Clawback

Law360, New York (October 26, 2011, 2:23 PM EDT) -- Lyondell Chemical Co.'s onetime directors on Tuesday asked a New York bankruptcy judge to reject a claim by the litigation trustee for the company's creditors that $12.5 billion paid to shareholders during Lyondell's 2007 leveraged buyout represents an illegal dividend or redemption.

In a separate filing Tuesday, the directors and certain Lyondell officers also asked the bankruptcy court for partial summary judgment on two of the trustee's claims that payments they received for company stock and options amounted to fraudulent transfers and should be eliminated....
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.