Lyondell Shareholders Can't Shake Creditors Clawback Suit

Law360, Los Angeles (January 15, 2014, 7:14 PM EST) -- A New York federal judge refused Wednesday to toss a suit brought by the creditors who loaned $21 billion to Lyondell Chemical Co. seeking to claw back funds paid to stockholders in the company, ruling the shareholders aren't protected by the Bankruptcy Code.

U.S. District Judge Robert Gerber rejected the shareholders' argument that they should keep the $12.5 billion paid to them when the company was picked up in a leveraged buyout in 2007, finding instead that state fraudulent transfer laws are not preempted by Section...
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