Credit Suisse sues SoftBank over Greensill scandal

Friday, 24. December 2021 16:55

Credit Suisse has launched legal action against SoftBank in an effort to recoup funds it claims the Japanese company owes it, the Financial Times reported on Friday.

The Swiss lender is seeking to recover $440 million in funds that were owed to its wealthy customers by Katerra, a US construction company funded by SoftBank’s Vision Fund and a client of Greensill Capital. Katerra partly blamed its collapse on the "unexpected bankruptcy filing" of Greensill, which had lent it $440 million and sold it on to Credit Suisse.

Earlier this year, Credit Suisse was involved in a scandal surrounding Greensill, which filed for insolvency in March after Credit Suisse and GAM Investments withdrew their funding over concerns about the company's real valuation.

Related Links: Credit Suisse GroupSoftbank Group Corporation
Author:
Baha Breaking News (BBN) / NP