BNY Seeks To Duck Suit Over $1B Lyondell-Basell Losses

Law360, New York (March 30, 2012, 8:31 PM EDT) -- The Bank of New York Mellon Corp. on Thursday appealed a New York state judge’s ruling that only partially tossed a suit alleging it cost hedge funds $1 billion with its work on Basell AF SCA’s buyout of Lyondell Chemical Co., which bankrupted the combined company.

A group of hedge funds allege that they lost $1 billion when BNY Mellon, the indenture trustee on Basell bonds, gave the green light to Lyondell's buyout, which allegedly bankrupted the company.

On Feb. 28, Judge Shirley Werner Kornreich dismissed...
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.