The Swiss bank goes up in court against Australia's biggest insurer, as it battles to retrieve funds from the collapse of Greensill Capital.
Credit Suisse attended a hearing in an Australian court Thursday after filing a lawsuit against Insurance Australia Group (IAG) over the collapse of Greensill, as «Reuters» reported, citing court filings.
Together with other Greensill creditors, including financier White Oak Global Advisors, the Swiss bank is seeking compensation totaling A$300 million ($219 million) from the insurer, the report said.
IAG sold policies to Greensill via its former partly-owned Bond & Credit Co (BCC) trade credit unit, which insured many of the securities packaged by Greensill. The insurer has denied liability, saying it sold its share of the unit in 2019, two years before Greensill collapsed.
Credit Suisse pulled the plug on a $10.1 billion line of supply chain funds it co-managed with Greensill in March of last year. The Swiss wealth manager's retreat as well as the loss of insurance cover on its assets set into motion Greensill's bankrupucy.
