Credit Suisse may take legal action against SoftBank over Greensill debt-court document The logo of Swiss bank Credit Suisse is seen in Bern.
Reuters- Credit Suisse is seeking information through the U.S. courts, which could lead to it taking legal action against SoftBank Group Corp in Britain to recover funds it says is owed to its Greensill-linked supply chain finance funds, according to U.S. court documents.
Switzerland's second largest bank is trying to recover funds from the collapse of some $10 billion in funds linked to insolvent supply chain finance firm Greensill.
Credit Suisse didn't respond to a request for comment, while SoftBank did not respond immediately to a request for comment.
The Swiss bank has been focusing on $2.3 billion in loans provided by Greensill, which went down in March, to three counterparties, including SoftBank-backed Katerra, for which late payments have accrued.
Katerra filed for bankruptcy in June, and had estimated liabilities of $1 billion to $10 billion and assets of $500 million to $1 billion, according to court filings at the time.
Credit Suisse plans to file a lawsuit against SoftBank and other affiliates in Britain over $440 million in a petition filed on Thursday with a U.S. federal court in San Francisco.
The documents that the Subpoena requests are relevant to an anticipated court proceeding in England against SoftBank Group Corp., SoftBank Vision Fund LP, SoftBank Vision Fund II LP, SVF Abode Cayman Limited, SVF II Abode Cayman Limited and SVF Habitat Cayman Limited, attorneys for the bank said in the filings.
Credit Suisse filed a section 1782 Discovery on Thursday, aiming to obtain documents and communications exchanged between SoftBank and Katerra. Foreign parties can apply to U.S. courts to obtain evidence for use in proceedings.
The Swiss bank is trying to establish what SoftBank executives, including chair and chief executive Masayoshi Son, knew about Katerra's restructuring plans by subpoenaing documents through the U.S. courts.
The Financial Times reported the move on Friday.