Credit Suisse has launched legal action against SoftBank in an effort to recoup hundreds of millions of dollars it claims it is owed by the Japanese investor, marking a further deterioration in a relationship that has grown increasingly acrimonious following the collapse of Greensill Capital.
The lawsuit relates to $440m in funds that were owed to the Swiss bank's wealthy customers by Katerra, a US construction company. Katerra, which was funded by SoftBank's Vision Fund and was a client of Greensill, filed for bankruptcy in June this year with more than $1bn in liabilities.
