Lyondell insurance to pay Blavatnik, executives' legal costs

05 October 2009 21:44  [Source: ICIS news]

HOUSTON (ICIS news)--A US bankruptcy court on Monday allowed the insurance policy of Lyondell Chemical to cover the legal expenses of billionaire Len Blavatnik and other executives, as they defend themselves in a lawsuit connected to the company's bankruptcy.

Lyondell had requested the court to allow its insurance policy to cover the defence expenses of directors and executives in a lawsuit filed by a committee representing unsecured creditors.

In the lawsuit, the committee accused the officers of driving the company into bankruptcy by pursuing a merger with Basell.

Blavatnik is the chairman of Access Industries, the ultimate parent company of Lyondell. The committee estimated that Blavatnik's net worth exceeds $11bn (€8bn).

Blavatnik was named in the creditor lawsuit, along with Lincoln Benet and Philip Kassin, two executives at Access during the time of the merger.

($1 = €0.69)

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By: Al Greenwood
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