Tokyo’s Yamazaki Marunouchi Law Office has lodged a claim against Credit Suisse Securities Japan Ltd in the Tokyo District Court. Acting on behalf of an undisclosed Japanese company and its founder, the law firm is seeking close to $49 million in damages over bonds linked to a now insolvent Greensill Capital-run fund, according to details uncovered by Law.com International.
The complainant purchased approximately $63.3 million in bonds from Credit Suisse. The performance of these bonds was tied to the Credit Suisse Nova (Lux) Supply Chain Finance High Income Fund – one of four Supply Chain Finance (SCF) funds that invested in short-term loan-backed securities developed by Greensill Capital, a UK-based financial firm backed by Softbank.
This Japanese law firm has also been courting investors of the now worthless Credit Suisse Additional Tier-1 bonds since late May, aiming to launch a class-action lawsuit against securities firms in Japan.