Lyondell Execs Escape Investor Suit Over Merger

Law360, New York (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....
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