Credit Suisse Group applied to the English High Court last week to initiate formal legal proceedings against Japan’s SoftBank Group Corp over a $440 million (CHF414 million) dispute, according to the Financial Times.
The claims are related to Credit Suisse’s Greensill-linked supply chain finance funds lent to SoftBank-backed Katerra, a US construction group, the FT reportedExternal link on Thursday. Credit Suisse is trying to recoup hundreds of millions of dollars on behalf of its wealthiest clients.
Greensill Capital was a financial services firm that collapsed into administration in March 2021 amid allegations of fraud. Katerra subsequently filed for bankruptcy with more than $1 billion in liabilities.
Last year Credit Suisse filed a petition in the US seeking information it said would support a lawsuit that it planned to file against Japanese tech investor SoftBank and other affiliates in Britain over the money it said was owed by Katerra.
Credit Suisse and SoftBank did not immediately respond to Reuters’ requests for comments.
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