Huntsman (HUN) options are active after Credit Suisse and Deutsche Bank settled litigation with HUN. The chemical company alleged fraud and tortious interference related to a terminated merger with Basell and Hexion Chemicals. Both banks decided to settle for $316 million (Link to story.) Some investor might have been looking for more because HUN is down 20 cents to $5.81 (and off 13.5 percent since Cramer highlighted the stock favorably on CNBC on July 15.)

In the options market, volume is running 7X the usual, with 52K traded and call volume representing 75 percent of the activity. Buyers and sellers are both active and implied volatility is down sharply now that event risk has passed, falling to 99 from about 136 Monday.