Credit Suisse steps up $440-M legal dispute with Japan’s SoftBank-FT

A logo is pictured on the Credit Suisse bank in Geneva, Switzerland. REUTERS/Denis Balibouse/File photo

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.

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

The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan.  REUTERS/Issei Kato/File photo

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.

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.