LONDON: Credit Suisse has lodged a US$440 million claim against Japan's SoftBank Group Corp in London as it presses ahead with formal proceedings in a dispute borne from the failure of Greensill Capital, a finance firm.
The collapse of Greensill, along with a string of scandals, helped dent confidence in the 167-year-old Swiss bank. When turmoil hit the global banking industry in March, the Swiss government engineered a takeover by its rival UBS to"secure financial stability and protect the Swiss economy". It has alleged that SoftBank was aware of a Katerra restructuring in 2020 that effectively placed Credit Suisse's investor assets out of reach, according to court documents filed in the United States in 2021.
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