Credit Suisse is suing SoftBank in London’s High Court as the bank steps up the pursuit of $440mn it claims that its wealthiest clients are owed following the collapse of specialist finance firm Greensill Capital.
The formal launch of proceedings in London is the first legal action by Credit Suisse since the bank was taken over by rival UBS in a rescue deal orchestrated by the Swiss government last month.
Clients of Credit Suisse were left with hundreds of millions of dollars of losses after investing in a suite of supply-chain finance funds tied to Greensill that the Swiss bank marketed as low risk.
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