Zurich-based financial services firm Credit Suisse is preparing to file a lawsuit against Japan's SoftBank Group Corp. after the collapse of Greensill Capital Pty, a financial services firm founded in 2011, the Financial Times reported.

Greensill Capital filed for bankruptcy protection in the U.K. and the U.S. in March this year. The company said in a courtroom that it was in "severe financial distress"and unable to pay its debts.

The dispute involves about $440 million in funds that Credit Suisse's clients are owed by Katerra, a struggling U.S. construction company that was also a Greensill client. It also has the backing of the SoftBank Group's Vision Fund.

SoftBank Vision Fund has instructed law firm Quinn Emanuel to defend it against any claims related to Greensill.

The dispute could be resolved before the parties file a lawsuit.

Credit Suisse and SoftBank declined to comment.

Source: https://www.ft.com/content/f127ca3e-ba55-4af5-b172-2ee48ed0dffb