On one hand, Credit Suisse is subject to continued investigation in France, while on the other it is taking legal action in London.
A tax dispute between Credit Suisse and French authorities is continuing, with the Parquet National Financier (PNF) investigating Switzerland's second-largest bank, according to a report in «Finanz und Wirtschaft» (in German, behind paywall) on Friday.
The PNF, which told the newspaper that investigations were ongoing, is responsible for combating money laundering.
Investigators confirmed to finews.com in 2019 that the PNF was taking action against Credit Suisse over untaxed funds from French clients in Swiss accounts.
Spotlight on UBS
Lawyers for Credit Suisse are likely keeping a close eye on UBS's case in France. In December, an appeals court in Paris reduced a fine to 1.8 billion euros ($1.9 billion) from 4.5 billion euros while upholding the verdict that UBS committed a criminal offense in its business with French clients.
Softbank Trial
On the other hand, Credit Suisse is taking legal action against Softbank, a one-time client, with a trial about to get underway in the U.K., according to an article in the «Mail on Sunday» (behind paywall).
The Swiss lender is looking to get back 350 million pounds ($369 million) from Softbank related to the bankruptcy of U.S. construction company Katerra after it collapsed. Credit Suisse blamed Katerra's implosion on Greensill. Softbank has rejected Credit Suisse's claims, according to the newspaper.
In April, Credit Suisse said that the roughly 1,000 investors in Greensill funds are unlikely to recover their losses for at least five years.
