The liquidation of Credit Suisse's supply chain funds has been sluggish. Now the bank is raising two additional claims against insurers.
Credit Suisse Asset Management (CSAM) has filed two additional claims as part of the liquidation of its Greensill funds, bringing the total number of claims against insurers to 18, it said in an investor update Tuesday.
This means that claims have now been filed for all supply chain finance funds (SCFFs) where there are insurable losses, the statement added.
Repayments Unchanged
Repayments to investors to date are unchanged at $6.75 billion. Including cash positions, Credit Suisse has so far recovered $7.3 billion of the $10 billion in fund assets.
The amount of provisions made also remained constant. Liquidation costs for the period 2021 to 2026 are estimated at a total of $291 million.
Progress
The latest update includes a cautionary note about possible future upward or downward change, which depends on the progress made in retrieving these funds and the litigation related to the claims.
CSAM anticipates that «the insurer will seek to challenge the validity of the relevant insurance policies across most (and perhaps all) of its insurance claims,» it said.
