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.
This content was published on
Nemo brought the Eurovision Song Contest to Switzerland with a victory on Saturday evening in Malmö, Sweden. It is Switzerland's third victory in the history of the music contest.
Switzerland abstains from vote on Palestinian bid for full UN membership
This content was published on
On Friday, Switzerland abstained from the vote at the General Assembly on granting the Palestinians new rights at the United Nations (UN).
Protein in abdominal fat could help shape obesity treatment
This content was published on
The study analysed fat cells from different locations in the body, and found that those in the abdomen have unique properties.
North African asylum claims fall after rapid Swiss processing
This content was published on
The accelerated procedure, now out of its test phase, has resulted in a significant drop in applications from North African countries.
This content was published on
The artist's song "The Code" focuses on their journey as a nonbinary individual. It is one of the favourites to win this year's contest.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Credit Suisse appoints Ulrich Körner as new CEO
This content was published on
Credit Suisse has named Ulrich Körner as its new chief executive officer, replacing Thomas Gottstein in a bid to shore up confidence.
Credit Suisse says Greensill recovery will cost clients $291m
This content was published on
Credit Suisse warns clients that efforts to recover the money it lent via failed finance company Greensill Capital will cost $291 million.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.