(Reuters) – Swiss lender Credit Suisse Group AG sought the English High 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 are related to Credit Suisse’s Greensill-linked supply chain finance funds lent to SoftBank-backed Katerra, a U.S. construction group, FT said.
Katerra subsequently filed for bankruptcy with more than $1 billion in liabilities.
Last year, Credit Suisse filed a petition in the U.S. 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.
Credit Suisse and SoftBank did not immediately respond to Reuters’ requests for comments.
Source:reuters