We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Lyondell Execs Escape Investor Suit Over Merger

Law360 (March 26, 2009, 12:00 AM EDT) -- Directors of bankrupt Lyondell Chemical Co. have won an appeal to toss a shareholder action alleging they breached their fiduciary duties in approving a controversial $13 billion merger with Dutch company Basell Polyolefins a week after receiving the offer.

In a highly anticipated decision, the Supreme Court of the State of Delaware ruled Wednesday the executives were entitled to summary judgment in the case because the shareholder plaintiffs had presented no evidence that the directors knowingly ignored their responsibilities or breached their duty of loyalty....
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.