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Major Swiss bank: Credit Suisse is preparing for lawsuit in London in the Greensill debacle

Credit Suisse headquarters in Zurich

The “Financial Times” reported in the summer that Credit Suisse was investigating a lawsuit against Softbank.


(Photo: Reuters)

Frankfurt The major Swiss bank Credit Suisse (CS) is increasingly on a confrontation course with its former partner Softbank in coming to terms with the Greensill debacle. The institute applied to a US court to force Softbank to hand over documents.

These papers should serve in preparation for a court case “in the coming weeks” in England, quoted the Bloomberg news agency from documents that had been submitted to a Californian court. According to the report, a spokesman for the Swiss bank did not want to comment.

The “Financial Times” reported in the summer that CS was examining a lawsuit against Softbank. At the heart of the litigation between CS and Softbank are reportedly claims by CS customers of $ 440 million against the US company Katerra, a customer of Greensill. Softbank was a shareholder in Greensill and Katerra and, according to “FT”, was also temporarily an investor in the supply chain funds.

Greensill had specialized in supply chain financing: companies could have invoices from suppliers settled immediately by Greensill, for which the fintech demanded a bonus. Greensill packaged purchased supplier receivables into securities and offered them for sale through the CS fund investors. But after an insurance company failed to extend the default protection for the supplier claims, Greensill had to file for bankruptcy and liquidate the CS funds with assets under management of ten billion dollars.

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More: Credit Suisse is restructuring its board of directors and downgrading top German bankers.

Reference-www.handelsblatt.com

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