Four Decades for Justice
On June 23, 2009, on behalf of Credit Suisse Securities (USA) LLC (“Credit Suisse”) and Deutsche Bank Securities Inc. (“Deutsche Bank”), Cravath has successfully concluded litigation over the failed merger between Huntsman Corporation (“Huntsman”) and Hexion Specialty Chemicals, Inc. (“Hexion”). In this final chapter of the extensive litigation over the merger, Huntsman sued Credit Suisse and Deutsche Bank in state court in Conroe, Texas, claiming, among other things, that the banks had engaged in fraud and tortiously interfered with the merger agreement. Six days into a jury trial, Huntsman settled its claims.
The terms of the settlement are far below the amounts Huntsman had sought at trial. Huntsman had asked the Texas jury to award $4.65 billion in compensatory damages plus another $9.3 billion in punitive damages. Under the terms of the settlement, Credit Suisse and Deutsche Bank will each pay $316 million in cash. In addition, the two banks will each provide $550 million of senior debt financing to Huntsman International LLC, a subsidiary of Huntsman, to be repaid over seven years with interest.
During the past twelve months of litigation on this matter, the Firm’s efforts included massive document production in three different courts, expedited and intensive deposition programs in three different litigations and hotly contested TROs and preliminary injunctions in both Texas and New York. The Cravath team’s victories leading up to this successful settlement include:
Cravath partner Richard W. Clary acted as lead counsel in the litigation in Texas, New York and Delaware. The litigation team that contributed tremendous effort to this outcome was also led by partners Julie A. North, Robert H. Baron, Gary A. Bornstein, Douglas D. Broadwater and Michael T. Reynolds. Partners Paul H. Zumbro, Kris F. Heinzelman and Michael S. Goldman contributed efforts on the deal side of this matter and provided on-going consultation and support as the litigation proceeded. Mr. Zumbro was also involved in negotiating and documenting the debt facilities.
Deals & Cases
February 27, 2024
Cravath represented the European Investment Bank (“EIB”) in connection with its $4 billion registered notes offering. The purpose of the EIB is to contribute to the balanced and steady development of the internal market among Member States of the European Union. The notes were listed on the Luxembourg Stock Exchange. The transaction closed on February 13, 2024.
Deals & Cases
January 31, 2024
Cravath represented the European Investment Bank (“EIB”) in connection with its $5 billion registered notes offering. The purpose of the EIB is to contribute to the balanced and steady development of the internal market among Member States of the European Union. The notes were listed on the Luxembourg Stock Exchange. The transaction closed on January 11, 2024.
Deals & Cases
November 27, 2023
Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with $14 billion of credit facilities made available to RTX Corporation, an aerospace and defense company that provides systems and services for commercial, military, and government customers worldwide. The facilities consisted of a $10 billion bridge credit facility and a $4 billion term loan facility. The transactions closed on October 24, 2023 and November 7, 2023.
Deals & Cases
October 06, 2023
Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with $2.4 billion of credit facilities made available to Cencora, Inc., a leading global pharmaceutical solutions organization committed to improving patient access to products and enhance patient care. The facilities consisted of a $355 million tranche one revolving credit facility and a $2.045 billion tranche two revolving credit facility. The transaction closed on October 6, 2023.
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