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<\/a><\/p>\nLONDON (Reuters) – Credit Suisse has lodged a $440 million claim against Japan’s SoftBank Group Corp in London as it presses ahead with formal proceedings in a dispute borne from the failure of Greensill Capital, a finance firm.<\/p>\n
The Swiss lender is trying to recover client funds that Greensill had lent to Katerra, a SoftBank-backed U.S. construction group that filed for bankruptcy in 2021. SoftBank has vowed to vigorously fight the claim. <\/p>\n
The collapse of Greensill, along with a string of scandals, helped dent confidence in the 167-year-old Swiss bank. When turmoil hit the global banking industry in March, the Swiss government engineered a takeover by its rival UBS to “secure financial stability and protect the Swiss economy”.<\/p>\n
But Credit Suisse remains determined to salvage outstanding money from the collapse of about $10 billion in client funds linked to financier Lex Greensill’s supply chain finance firm, that imploded two years ago. <\/p>\n
It has alleged that SoftBank was aware of a Katerra restructuring in 2020 that effectively placed Credit Suisse’s investor assets out of reach, according to court documents filed in the United States in 2021.<\/p>\n
A SoftBank spokesperson accused Credit Suisse of trying to shift blame for its own poor investment decisions and said the case was entirely without merit.<\/p>\n
“Credit Suisse continues to prioritize maximising recovery for investors in the supply chain finance funds,” a spokesperson for the Swiss lender said. <\/p>\n
The documents were filed in London’s High Court earlier this month. <\/p>\n
Credit Suisse is the biggest name to date to become ensnared in market turbulence unleashed by the collapse of U.S. lenders Silicon Valley Bank and Signature Bank.<\/p>\n
($1 = 0.8980 Swiss francs)<\/p>\n
\n(Reporting by Kirstin Ridley; Editing by Emelia Sithole-Matarise)<\/p>\n
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