Credit Suisse is suing SoftBank in the high court in London in a bid to recover $440m that it claims its wealthiest clients lost following the collapse of Greensill Capital.

Credit Suisse clients invested in a suite of supply-chain finance funds linked to Greensill, which the bank had marketed as ‘low risk'.

Softbank's Arm dashes hopes for London listing as it opts for New York

The legal case centres around the $440m that were owed to the customers by Katerra, a Californian construction company owned by SoftBank's Vision Fund and also a client of Greensill.

Katerra received money via Greensill's supply chain finance funds.

In 2020, SoftBank agreed to give emergency cash to Greensill to cover the debts at Katerra, but it seems the funds never reached Credit Suisse.

In a different US lawsuit, Credit Suisse alleged SoftBank restructured Katerra for its own benefit and at the expense of the Swiss bank.

Federal Reserve approves UBS takeover of Credit Suisse US

This is Credit Suisse's latest legal action regarding Greensill - following others in the US in 2021 - and the first one since the UBS takeover last month.

The Swiss bank has so far managed to get back $7.4bn out of the $10bn its clients invested in the Greensill funds, as it tries to pursue further action to recover the remainder of the client funds.

Credit Suisse declined to comment on the high court action, but said: "Credit Suisse continues to prioritise maximising recovery for investors in the supply chain finance funds."