Credit Suisse loses Greensill lawsuit against Softbank
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Credit Suisse loses Greensill lawsuit against Softbank
Swiss bank Credit Suisse, which was taken over by rival UBS, has lost a lawsuit in the United Kingdom against the Japanese investment group Softbank over claims related to Greensill funds.
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Credit Suisse had been seeking damages from Softbank totalling $440 million (CHF350 million). The London High Court dismissed the claim in a judgement published on Wednesday. Several media outlets first reported on the case on Wednesday evening.
The legal dispute concerned claims by the Greensill funds against the now insolvent American construction company Katerra.
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Where did it all go wrong for Credit Suisse?
In the lawsuit, Credit Suisse alleged that Softbank, as Katerra’s main investor, had profited from a restructuring of Katerra debt and thus damaged the bank. A Softbank spokesperson told the news agency Reuters that the judgement “fully vindicates Softbank”. The accusations were an “unfounded attempt to shift the blame onto others”, the spokesperson added.
+ UBS offers to repay 90% to clients hit by Greensill implosion
In 2021, Credit Suisse was forced to liquidate its so-called Greensill funds totalling around $10 billion following the collapse of Australian banker Lex Greensill’s finance company. The collapse of the Greensill funds is considered one of the main causes of the decline of Switzerland’s second-largest bank at the time, which had to be taken over by UBS in 2023.
Translated from German with DeepL/gw
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