Bankruptcy Judge Martin Glenn yesterday tossed a lawsuit filed by creditors of LyondellBasell Industries AF to claw back more than $5.9 billion the chemical company’s shareholders received from a failed 2007 leveraged buyout, the Wall Street Journal reported. Judge Glenn in a brief, three-page order dismissed with prejudice a lawsuit brought by a trustee on behalf of creditors of LyondellBasell’s bankruptcy. The creditors were seeking to claw back the billions in cash from hundreds of former shareholders — pension and mutual funds, Wall Street banks, hedge funds and retail investors — of Lyondell Chemical Co. The creditors had also sued billionaire deal maker Leonard Blavatnik over the 2007 merger of Lyondell Chemical and Basell AF that created what was then one of the largest chemical companies in the world.
