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Credit Suisse steps up $440 million legal dispute with SoftBank

Credit Suisse

(Reuters) — Credit Suisse Group AG has applied to the English High Court to initiate formal legal proceedings against Japan’s SoftBank Group Corp. over a $440 million dispute, a source familiar with the matter said Thursday.

Switzerland's second-largest bank is trying to recover funds that Greensill Capital, a defunct finance firm, had lent to Katerra, a SoftBank-backed U.S. construction group that filed for bankruptcy last year.

Credit Suisse has been working to recover money from the collapse of some $10 billion in funds linked to the insolvent supply chain finance firm Greensill.

Last year, the bank filed a petition in the United States 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.

The Swiss bank is seeking to establish what SoftBank executives, including chair and CEO Masayoshi Son, knew about Katerra's restructuring plans.

Credit Suisse declined to comment. SoftBank did not immediately respond to a Reuters request for comment.

The Financial Times first reported the move on Thursday.