Richards Layton & Finger

Delaware Supreme Court Reverses Chancery Court's Lyondell Decision

April, 2009

Before the merger at issue in the case, Lyondell Chemical Company was the third-largest independent public chemical company in North America. Dan Smith was Lyondell’s Chairman and CEO; Lyondell’s other ten directors were independent and sophisticated businesspeople. This article explains what led to The Supreme Court's reversal of the Court of Chancery’s decision and remanded the matter for entry of judgment in favor of the Lyondell directors.