Credit Suisse says investors in its Greensill-linked funds should brace for a five-year fight with insurers and problem borrowers. Picture: BLOOMBERG
The Swiss lender said that investors should brace for a long drawn-out battle to get their cash back, in a letter responding to shareholder questions that was released on Monday. The letter came as the insurer with the largest exposure to the funds, Tokio Marine Holdings, published a separate statement saying it didn’t expect to have to pay out anything.
“It is expected that litigation will be necessary to enforce claims against individual debtors and the insurance companies, which may take about five years,” the Swiss lender said in the letter. Tokio Marine, the main provider of insurance to Greensill through a subsidiary, said that it won’t be paying out on the claims. There was a “fraudulent failure” by the lender to provide material documents before the start or renewal of some trade credit insurance policies, the firm said in the statement on Monday.
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