Credit Suisse Says Greensill Litigation May Take Five Years

Credit Suisse said on Monday that litigation related to Greensill supply chain finance funds (SCFF) could take around five years and warned that some investors would not be able to recover their money, Reuters reported. Credit Suisse racked up a 1.6 billion Swiss franc ($1.73 billion) loss last year when it was hit by the implosion of investment fund Archegos and the collapse of $10 billion in SCFFs linked to insolvent British financier Greensill. "It is expected that litigation will be necessary to enforce claims against individual debtors and the insurance companies, which may take around five years," the Swiss bank said on Monday in a document on its website answering questions from pension fund adviser Ethos. It said that its asset management had taken all necessary steps to collect the outstanding amounts since March 2021, but in some cases refinancing or sales of assets were not yet possible. Read more.