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August 11, 2022

Credit Suisse seeks court permission to sue SoftBank over $440m dispute

Credit Suisse Group is set to issue an official lawsuit against Japanese conglomerate SoftBank over a $440m dispute.

The Swiss investment bank has sought permission from the English High Court to begin formal legal proceedings, Reuters reported citing a source knowledgeable about the matter.

Through the lawsuit, Credit Suisse seeks to recover $440m of funds that Katerra, a US-based construction firm backed by SoftBank, owes to its customers.

Katerra received a $440m loan from now-defunct Greensill Capital and sold the debt to Credit Suisse funds as low-risk investments. Katerra filed for insolvency a year ago.

The Swiss bank has been putting effort to recover around $10bn in funds related to Greensill.

In 2021, Credit Suisse filed a petition in the US to receive details that would support its lawsuit against SoftBank.

Credit Suisse also intends to take legal action against several affiliates of SoftBank in the UK over the investment allegedly owed by Katerra.

Representative of Credit Suisse refused to respond to the development, while SoftBank did not respond to Reuters queries.

Recently, it was reported that Credit Suisse is planning to trim its global workforce as part of its efforts to revive its sagging business. The move may involve cutting thousands of jobs that would reduce its costs by another $1bn.

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