Court Dismisses Credit Suisse's Claim Against Softbank Despite Finding Transactions at Undervalue in Greensill Case

"Lord Justice Miles has ruled in the case of Credit Suisse Virtuoso SICAV-SIF & Anr v. Softbank Group Corp., where Credit Suisse sought to recover $440 million in notes rendered valueless due to transactions between Greensill Limited and Softbank. Although the court found that the transactions were at an undervalue and Greensill acted with the requisite purpose, it ultimately dismissed the claim against Softbank, citing that Softbank acted in good faith and that granting relief would not be appropriate. The ruling highlights the complexities of insolvency law and the court's discretion in awarding remedies. Greensill Limited, represented by Charles Russell Speechlys, did not seek any substantive relief in the case."