New Judgment: Credit Suisse Virtuoso SICAV-SIF v SoftBank Group Corp [2025] EWHC 2631 (Ch)

In a complex case arising out of the collapse of the Greensill group, Credit Suisse sought the payment of $440 million from SoftBank under section 423 of the Insolvency Act 1986. The claim related to agreements entered into by Greensill in 2020 as part of the restructuring of a US construction start up, Katerra. Credit Suisse had sought relief from SoftBank on the basis that they had allegedly orchestrated the transactions and benefitted from them by the receipt of shares in a debt-free Katerra.

In his judgment handed down today, Lord Justice Miles dismissed Credit Suisse’s claim in full. He found that SoftBank believed in good faith that a $440 million payment it had already made to the Greensill group before the impugned transactions would be used to ultimately repay Credit Suisse noteholders whose security was released as part of the transactions, and that Softbank did not orchestrate the transactions. The judge also rejected large parts of Credit Suisse’s case on undervalue. In any event, in view of the innocence of SoftBank, the Judge declined to exercise his discretion to grant any relief to Credit Suisse.

Read the full judgment here.

Tom Smith KC, Adam Al-Attar KC, and Peter Burgess of South Square appeared for the successful SoftBank Defendants, instructed by Quinn Emanuel Urquhart & Sullivan UK LLP.