Huntsman Sues Apollo, Claims Fraud

U.S. specialty chemicals maker Huntsman said Monday it filed a lawsuit against private equity firm Apollo Management and its partners alleging fraud and tortious interference, escalating a legal battle on the soured merger agreement between Huntsman and Hexion Specialty Chemical.

Huntsman said it sued Apollo and partners Leon Black and Joshua Harris in Conroe, Texas, arguing that they induced Huntsman to terminate its previous agreement with Bassell in order to forge a deal with Apollo affiliate Hexion.

Huntsman said it asked for a jury trial to determine liabilities for actual damages of more than $3 billion, plus exemplary damages.

Huntsman's lawsuit comes after Apollo and Hexion sued Huntsman last week in an effort to limit their liability in case the planned deal between Huntsman and Hexion fell apart.