Credit Suisse escalates $440 million legal dispute with SoftBank

United States of America /

Swiss bank Credit Suisse Group applied for permission to a British court to started formal legal proceedings against Japan’s SoftBank Group over a $440 million dispute, the Financial Times reported.

Claims related to Credit Suisse client funds that the now-defunct Greensill Capital has been loaned to Katerra, a US construction group backed by SoftBank’s Vision Fund, according to the FT.

Then, Katera filed for bankruptcy with liabilities of more than a billion dollars.

Last year, Credit Suisse petitioned in United States seeking information that is said to support a lawsuit planned to be brought against SoftBank and its other UK subsidiaries for the money, according to the Swiss bank, Katerra owed him.

The Swiss bank is trying to determine what SoftBank executives, including Chairman and CEO Masayoshi Son, they know about Katerra’s restructuring plan.

Credit Suisse declined to comment. and SoftBank did not immediately respond to requests for comment from Reuters.

srgs

Roderick Gilbert

"Entrepreneur. Internet fanatic. Certified zombie scholar. Friendly troublemaker. Bacon expert."

Leave a Reply

Your email address will not be published. Required fields are marked *