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4w ago

Greensill Flags SoftBank 'Code of Silence' in $440 Million Lawsuit

Greensill said executives pushed him to keep a late-2020 transaction hidden to benefit SoftBank at the expense of Credit Suisse’s clients.

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Lex Greensill arrives at the hearing in London on Monday in a case concerning losses linked to his finance firm
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Overview

  • The London trial brought by a former Credit Suisse fund pits the Swiss bank against SoftBank over a disputed $440 million deal linked to Greensill Capital’s lending to US construction group Katerra.
  • Lex Greensill testified that senior SoftBank managers felt threatened by his close ties to founder Masayoshi Son.
  • He described a ‘code of silence’ imposed on a 2020 Katerra debt restructuring that shifted borrowings to a SoftBank entity.
  • SoftBank denies wrongdoing and argues the suit is an attempt by Credit Suisse to deflect blame for its own losses.
  • UBS, which acquired Credit Suisse in a 2023 rescue deal, said it will seek all avenues to recoup funds for its former clients.