Judge Lets Huntsman Suit Against Banks Advance

After a string of lawsuits and legal maneuvers, Huntsman let Hexion walk away for a $1 billion payout late last year. But Huntsman said it would still pursue its legal case against the banks, claiming "tortuous interference," ''negligent misrepresentation and civil conspiracy."

As part of Judge Fred Edwards' Monday ruling in the Texas Ninth District Court, Huntsman will be able to ask the jury for funds its shareholders would have received had each deal gone through, or $3.6 billion for the Basell deal and $4.6 billion for the Hexion deal.

The trial is set for June 8 in Montgomery County, Texas.

"Huntsman has always believed that our cause is just, and we now look forward to presenting our claims to the jury," President and Chief Executive Peter Huntsman said in a statement.

Representatives from Credit Suisse and Deutsche Bank were not immediately available for comment.

Separately Tuesday, Huntsman declared a dividend of 10 cents, payable on June 30 to shareholders of record on June 15.

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