Banks each pay $316 million
All litigation against Credit Suisse, Deutsche Bank and their affiliates dropped
Credit Suisse Securities (USA) LLC (“Credit Suisse”) and Deutsche Bank Securities Inc. (“Deutsche Bank”) (XETRA: DBKGn.DE / NYSE: DB), today announced that they have entered into an agreement with Huntsman Corporation (“Huntsman”) to end all litigation among Credit Suisse, Deutsche Bank and their affiliates and Huntsman.
Credit Suisse and Deutsche Bank have chosen to resolve the matter for $316 million each. In addition, Credit Suisse and Deutsche Bank will each provide $550 million of senior debt financing to Huntsman International LLC, a subsidiary of Huntsman, to be repaid over seven years. These loans will benefit Huntsman's capital structure and strengthen the Banks' historically strong lending relationships with Huntsman.
The Banks said, “While we believe strongly in the merits of our case, we felt it was in our best interests to resolve the litigation for $316 million each. We are pleased to have the litigation behind us.”
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