Credit Suisse preparing grounds to file lawsuit against SoftBank Group Corp in Britain

According to US court documents, Credit Suisse has sought information through the U.S. courts which could potentially lead to a situation wherein it can take a legal step against SoftBank Group Corp in Britain in an effort to recover funds which it says are owed to its Greensill-linked supply chain finance funds.

The Swiss banking giant has been working to recover funds from the collapse of some $10 billion in funds linked to insolvent supply chain finance firm Greensill.

Credit Suisse declined comment.

SoftBank did not immediately respond to requests for comments.

Credit Suisse aims to recover monies from the around $2.3 billion in loans that was provided by Greensill, which imploded in March, to three counterparties including SoftBank-backed Katerra, for which late payments have accrued.

In June Katerra filed for bankruptcy with an estimated $1 billion to $10 billion in liabilities of and assets of $500 million to $1 billion, according to court filings at that time.

Credit Suisse has filed a petition with a U.S. federal court in San Francisco, seeking information which it says would support a lawsuit it plans to file against SoftBank and other affiliates in Britain for $440 million which it says are owed by Katerra.

“The documents the Subpoena requests are relevant to an anticipated court proceeding in England against, among potentially other parties, SoftBank Group Corp. and certain of its affiliates including SoftBank Vision Fund LP, SoftBank Vision Fund II-2 LP, SVF Abode (Cayman) Limited, SVF II Abode (Cayman) Limited, and SVF Habitat (Cayman) Limited,” said attorneys of the bank in court filings.

On Thursday, Credit Suisse filed a section 1782 Discovery, aiming to obtain documents and communications exchanged between SoftBank and Katerra. This statute allows foreign parties to apply to U.S. courts to obtain evidence for use in proceedings.

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