Country for PR: United Kingdom
Contributor: PR Newswire Europe
Monday, May 24 2021 - 18:40
Boies Schiller Flexner forming international investor group to recover losses – Greensill / Credit Suisse Supply Chain Finance Funds
LONDON, May 24, 2021 /PRNewswire-AsiaNet/ --

Formation of International Investor Group 

Boies Schiller Flexner (UK) LLP ("BSF") is building a group of investors across 
Europe and Asia who invested in Credit Suisse's US$10bn Supply Chain Finance 
Funds ("SCFFs").  It is intended that the group will pursue Credit Suisse, 
including through litigation if necessary, to recover losses suffered with 
respect to the investments made in or with Greensill Capital.  

The firm takes the view that investors have credible claims against Credit 
Suisse for misrepresentation and mis-selling, which should be brought in a 
co-ordinated manner across jurisdictions. Investors should contact for further details.

Credit Suisse entities pro-actively marketed and sold investments in the SCFFs 
as cash-equivalent and low risk investments.  In fact, the SCFF assets were 
notes backed by existing and future trade receivables originated and structured 
by Greensill Capital. 
In March 2021, Greensill Capital, the main trading entity and treasury company 
for the Greensill group, ceased trading and went into administration. Whilst 
facts continue to emerge, there appear to be multiple failures which led to the 
collapse, including an over-exposure to certain businesses, financing of risky 
future (as well as current) receivables, and an inability to maintain insurance 

The SCFFs were closed by Credit Suisse on 1 March 2021 and the funds are being 
liquidated.  It is anticipated that there will be a significant shortfall in 
recoveries for investors into the funds.

The Investor Group 
BSF is putting together a group of international investors to pursue a cohesive 
and proportionate litigation strategy to recover losses, namely the shortfall 
that will not be met through redemptions from the Greensill estate.  This 
litigation strategy is anticipated to span relevant jurisdictions across Europe 
and Asia, with BSF acting as global litigation counsel.  

Investors will be eligible to join the investor group if they held (as at 1 
March 2021) or hold (at the time of participation in the group) shares or 
interests in shares in the SCFFs, being: (i) Credit Suisse (Lux) Supply Chain 
Finance Fund, (ii) Credit Suisse Nova (Lux) Supply Chain Finance High Income 
Fund, (iii) Credit Suisse Nova (Lux) Supply Chain Finance Investment Grade 
Fund, and (iv) Credit Suisse Supply Chain Finance Investment Grade. 

There is no jurisdictional restriction: investors across Europe and Asia are 
able to join the group.  

The Litigation Strategy
A cohesive investor group acting together will be well-placed to maximise 
recoveries with respect to the SCFFs, and protect interim value. Whilst there 
is uncertainty as to recoveries via the Greensill estate and losses have not 
yet crystallised, the litigation strategy is designed to recover losses for 
which Credit Suisse is responsible – both through the sale of the securities as 
well as its management of the portfolio.  The litigation will focus on 
mis-selling claims against Credit Suisse entities involved in the structuring 
and sale of investments, mis-management claims regarding the SCFFs investments, 
and, potentially, broader conspiracy and other tortious claims.  

It is anticipated that litigation will be brought in England and potentially 
Luxembourg and/or Switzerland, making use of case management procedures to 
maximise the efficiency of a group of investors acting together.  
BSF can provide detailed advice once an investor is a member of the group (and 
subject to diligence of the investor's interests in the SCFFs). 

Risk / Secondary Trading
There is significant interest in both third party funding of litigation and of 
secondary trading in the shares and litigation rights.  BSF is working with 
various parties in this regard.  Investors interested in secondary trading 
should take advice to ensure rights and claims are transferred.  BSF can 
provide further details to interested parties.  

The BSF team can also arrange third party funding for interested investors, 
creating zero economic risk in the bringing of proceedings to recover their 

BSF is an elite litigation practice with significant experience in creditors' 
rights, class actions and strategic litigation in restructuring and insolvency 
matters.  It has a track record of delivering value for its clients through 
strategic litigation in England and across Europe.  BSF and its lawyers have 
created value for investors through cohesive litigation strategies in respect 
of the Icelandic banks (Kaupthing, Glitnir, Landsbanki), Lehman (US and UK), 
bank restructurings and collapses in the UK, Ireland, Cyprus, Greece, Spain, 
Portugal and Austria, and multiple corporate restructurings. It is currently 
litigating against Credit Suisse before the English Courts, with respect to the 
Proindicus debt. 

The BSF team will be led by Natasha Harrison, Deputy Chair and Managing Partner 
of BSF, and Fiona Huntriss, Partner.  BSF is working with Luxembourg, Swiss and 
other local counsel. 

Julia Tilley, Associate Partner
 +44 (0)7815 068 387 

Natasha Harrison: 
BSF Greensill team:
Source: Boies Schiller Flexner LLP