Huntsman's Trial Against European Banks Begins

Hexion agreed to buy Huntsman in July 2007 for $6.5 billion, with Credit Suisse and Deutsche Bank providing the financing.

Hexion began backpedaling last summer and Apollo pushed in court to have the agreement canceled, citing Huntsman's deteriorating finances.

A Delaware judge ordered Apollo to try to close the deal anyway, but Credit Suisse and Deutsche bank said they wouldn't fund it.

The two chemical companies parted ways and Huntsman received a $1 billion settlement.

Woodlands, Texas-based Huntsman, still rattled by the recession and falling sales, then sued the banks in a Texas court, citing interference with its business.

In 2007, Huntsman was in talks to sell itself to Basell Holdings, with Citigroup on board to fund the deal.

The only reason Huntsman accepted the richer offer from Hexion, the company said, was because of the solid financing offered by Credit Suisse and Deutsche Bank.

"We are fully confident that we will be vindicated following a trial on the merits, including the issue of the combined company's insolvency," the banks said in a joint statement.