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BASF Corporation
Judge Denies Lyondell's Attempt to Terminate BASF's Appeal Bond
April 5th, 2009
On August 13, 2007, BASF Corporation won a unanimous jury verdict of $169,932,670.17 against Lyondell Chemical Company in a breach of contract case in a New Jersey trial court. Inclusive of pre-judgment interest, BASF's judgment is currently valued at approximately $200 million. Lyondell's appeal of the judgment is pending before the New Jersey Appellate Division and BASF's judgment is secured by an appeal bond worth $200 million. When Lyondell filed for bankruptcy in a New York federal court, other legal proceedings against the company were stayed under the U.S. bankruptcy code, including its appeal of the BASF judgment. On March 18, the United States Bankruptcy Court...
Source: Pharma Investments, Ventures & Law Weekly (2009-04-05)
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