Salem Radio Network News Monday, October 3, 2022

Business

Credit Suisse steps up $440 million legal dispute with SoftBank-FT

(Reuters) -Swiss lender Credit Suisse Group AG sought permission from an English court last week to initiate formal legal proceedings against Japan’s SoftBank Group Corp over a $440 million dispute, the Financial Times reported on Thursday.

The claims relate to Credit Suisse client funds that the now-defunct Greensill Capital had lent to Katerra, a U.S. construction group backed by Softbank’s Vision Fund, FT said. https://on.ft.com/3JLWswM

Katerra subsequently filed for bankruptcy with more than $1 billion in liabilities.

Last year, Credit Suisse filed a petition in the United States seeking information it said would support a lawsuit that it planned to file against SoftBank and other affiliates in Britain over the money it said was owed by Katerra. [nL8N2T91RM]

The Swiss bank is seeking to establish what SoftBank executives, including chair and chief executive Masayoshi Son, knew about Katerra’s restructuring plans.

Credit Suisse declined to comment and SoftBank did not immediately respond to a Reuters request for comment.

(Reporting by Jyoti Narayan in Bengaluru and Lincoln Feast; Editing by Neil Fullick)

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