Credit Suisse has lodged a $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, Reuters reported. The Swiss lender is trying to recover client funds that Greensill had lent to Katerra, a SoftBank-backed U.S. construction group that filed for bankruptcy in 2021. SoftBank has vowed to vigorously fight the claim. 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." But Credit Suisse remains determined to salvage outstanding money from the collapse of about $10 billion in client funds linked to financier Lex Greensill's supply chain finance firm, which imploded two years ago. 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.
