Credit Suisse has won a U.S. court order to seek documents from Softbank as part of its ongoing lawsuit against the Japanese conglomerate over its alleged involvement in the Greensill collapse.
A U.S. magistrate judge in San Francisco has rewarded Credit Suisse with a court order that will allow it to seek documents from California-based Softbank affiliate SB Investment Advisors, according to public records.
It is specifically seeking communications and information from board meetings at Katerra – a U.S.-based construction firm that included Softbank’s Vision Fund as a major investor.
A U.S. judge has ordered SB Investment Advisors that it has 30 days from the date it receives the subpoena to produce the information or file an objection to it.
«Desperate Fishing»
The court order is the latest development in Credit Suisse’s legal proceedings against Softbank which reportedly includes plans to sue the Japanese conglomerate in the U.K.
According to Credit Suisse, it had invested about $440 million in Katerra via debt lent and structured by Greensill. The bank also claims that while no Softbank entity was a formal party to the deal, «there can be no question» that it was aware of the situation before Katerra subsequently filed for bankruptcy in June last year.
«This nothing more than a desperate fishing expedition by Credit Suisse to support a meritless attempt to try to shift blame for their own losses in Greensill,» said Softbank in an emailed statement. «Should they actually bring a claim, we will vigorously defend it.»
