Lyondell, BASF Lock In $180M Resolution Of Contract War

Law360, New York (January 18, 2012, 10:11 PM EST) -- Lyondell Chemical Co. agreed on Wednesday to pay BASF Corp. $100 million and allow a general unsecured claim of $80 million against its bankruptcy estate to settle a long-standing suit accusing Lyondell of breaching a contract and overcharging BASF for eight years of chemical sales.

U.S. Bankruptcy Judge Robert E. Gerber approved the settlement in New York bankruptcy court between the reorganized debtor and its affiliates and BASF, ending six years of litigation that wove through both New York bankruptcy court and New Jersey state court....
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