Benzinga | Oct 29, 2021 06:03AM EDT

Huntsman Reports A Panel Of 3 Former Federal Judges Sitting As Arbitrators Found Albemarle Had Defrauded Huntsman Related To Sale Of Its Pigments Unit In 2014, Awarded Co. $600M+ For Fraud, Breach

On October 28, 2021, a panel of three former federal judges sitting as arbitrators found that Albemarle (and its predecessor Rockwood) had defrauded Huntsman in connection with the sale of its pigments business in 2014, breached the contract under which the business was sold, and awarded Huntsman in excess of $600 million for the fraud and breach, inclusive of punitive damages and statutory interest at 9% of which the Company expects to net in excess of $400 million after attorney's fees. The award is subject to confirmation and limited appeal in the New York state court.