Credit Suisse readies £350m claim against Softbank over Katerra collapse
Embattled lender Credit Suisse is reportedly readying a £350m claim against SoftBank over the bankruptcy of US construction firm Katerra, which imploded after supply chain finance firm Greensill Capital collapsed last year.
Credit Suisse claims it lost hundreds of millions of pounds when tech-led construction firm Katerra collapsed in June 2021, which it blamed on former lender Greensill.
The firm is now set for a High Court battle with SoftBank, a major investor in Katerra via its vision fund, according to documents seen by the Mail on Sunday.
SoftBank has rejected claims made by Credit Suisse, the Mail on Sunday reported.
The Swiss bank has already lodged an application in the US calling for SoftBank to hand over information which could be used in “a planned court proceeding in England”.
Greensill’s collapse sent shockwaves through global finance and the Swiss lender was forced to suspend $10bn in funds linked to firm.
The fresh court proceeding marks the latest of its efforts to recover some of the funds.
Credit Suisse has faced a slew of crises in the past two years and has come under fire for its exposure to Greensill Capital and Archegos Capital, which both collapsed last year and left the firm nursing heavy losses.
Archegos boss Bill Hwang was arrested on 27 April for his role in the downfall of the firm which cost Credit Suisse $5.5bn.
Softbank and Credit Suisse did not respond to City A.M.’s request for comment.