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.
Popular Stories
More
Climate adaptation
Why Switzerland is among the ten fastest-warming countries in the world
Living longer: What do you think about the longevity trend?
The longevity market is booming thanks in part to advances in the science of ageing. What do you think of the idea of significantly extending human lifespan?
Has your continent reached its peak or is there still potential for economic growth?
Some regions of the world are on an upward trajectory with the promise of a steadily improving future. Where do you live? And in which direction is your region or continent developing?
Swiss households to move as Brienz landslide threat rises
This content was published on
Twenty-five households are planning to voluntarily leave the Swiss village of Brienz, which is threatened by a major landslide.
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.