N

S

CN

CB

C

R

V

NL

W

A

Learn more about our network of counsels.
Learn more about Jones & Associates.
Here are the latest case news.
Here are the clawback news.
Firm’s representation is past cases.
Watch our latest videos.
See all our references.
Learn more about Jones & Associates.
Learn more about Jones & Associates.

Creditors Sue Billionaire Blavatnik in Trial Over Lyondell Bankruptcy

New York, October 17, 2016 – Almost a decade after the ill-fated deal that created chemical giant LyondellBasell Industries NV, creditors headed to court to try to recover billions of dollars that they alleged Len Blavatnik extracted before the company went bankrupt. At a trial in the Manhattan bankruptcy court, the creditors sought to recover and avoid more than $1.7 billion from Blavatnik, his firm Access Industries Holdings LLC and other affiliates. The creditors also attempted to avoid about $2 billion more from Blavatnik and other executives for alleged mismanagement of LyondellBasell, which filed for bankruptcy in 2009. The creditors alleged that he extracted money as a shareholder and intentionally transferred certain fees in an improper manner from the financially precarious company, dooming it to failure. Blavatnik allegedly denied wrongdoing. The case is Lyondell Litigation Trust, 09-01375, U.S. Bankruptcy Court Southern District of New York (Manhattan).


STAFF

CLAWBACK NEWS