(Reuters) — Credit Suisse Group AG has applied to the English High Court to initiate formal legal proceedings against Japan’s SoftBank Group Corp . regarding a $440 million dispute, a source familiar with the matter said Thursday.
Switzerland’s second-largest bank is trying to recoup money that Greensill Capital, a defunct financial firm, had lent to Katerra, a SoftBank-backed U.S. construction group that filed for bankruptcy last year.
Credit Suisse has been working to recoup money from the collapse of about $10 billion in funds linked to insolvent supply chain finance firm Greensill.
Last year, the bank filed a petition in the U.S. seeking information it said would support a lawsuit it planned to file against SoftBank and other subsidiaries in the U.K. over money it said was owed to Katerra.
The Swiss bank is trying to determine what SoftBank executives, including Chairman and CEO Masayoshi Son, knew about Katerra̵
7;s restructuring plans.Credit Suisse declined to comment. SoftBank did not immediately respond to Reuters’ request for comment.
The Financial Times first reported the move on Thursday.
Source link
