UBS wins staggering settlement in high-stakes lawsuit against SoftBank after dramatic takeover

Title: The London High Court Credit Suisse Lawsuit Against SoftBank Questioned after UBS Bailout

Introduction:
The London High Court’s credit Suisse lawsuit against SoftBank is being questioned following UBS’s bailout of the Swiss bank. UBS, which has SoftBank as one of its clients, has assessed Credit Suisse’s lawsuits to weigh the merits of their prosecution against potential damage to its own interests and reputation. SoftBank, on the other hand, has started its defense in Credit Suisse’s case related to losses of over $440 million from Greensill Capital. Credit Suisse had filed proceedings against SoftBank in April to recover cash on behalf of its clients.

Rebuilding Ukraine and Economic Data:
Political and business leaders are gathered in London for a conference on Ukraine’s post-war recovery. The head of the European Investment Bank has urged EU states to start rebuilding. Additionally, the UK and South Africa have released their consumer price indices for the past month, while Germany’s Ifo publishes its economic forecasts.

Google Class Action Case and Company Reports:
A case management hearing is being held in the class action case brought by UK consumer champion Liz Coll against Alphabet and Google on behalf of 19.5 million Android phone users. Another report focuses on Berkeley Group and Liontrust, while shareholders of Numis, a London boutique bank, will vote on its acquisition by Deutsche Bank.

FT School of Journalism Seminar:
The Financial Times will hold its first FT School of Journalism seminar in London, featuring investigative journalist Dan McCrum who uncovered the Wirecard financial scandal. Business journalist Helen Thomas will also take part in the conversation.

JPMorgan Lawsuit and Singapore’s GIC Sovereign Wealth Fund:
JPMorgan Chase aims to recover millions of dollars from an insurance policy that protected the bank from fraud after its failed acquisition of financial aid start-up Frank. Singapore’s sovereign wealth fund, GIC, is accelerating talks in the US as it seeks growth beyond China.

ByteDance’s Retail Expansion and Minimum Wage Violations:
Beijing-based ByteDance is selling products to UK TikTok users through a new feature called “Trendy Beat.” Marks and Spencer, WHSmith, and Argos are among the companies in the UK that have not paid staff the minimum wage, resulting in fines and repayments.

Hunter Biden’s Guilty Plea and Lobbying Campaign in Brazil:
Hunter Biden has agreed to plead guilty to not paying income tax on earnings exceeding $1.5 million in 2017 and 2018. In Brazil, a little-known lobbying campaign by the US government played a role in incumbent Jair Bolsonaro accepting his opponent’s victory in the presidential election.

Summary:
The London High Court’s credit Suisse lawsuit against SoftBank is being questioned following the UBS bailout, with UBS assessing the merits of their own involvement. SoftBank has started its defense against Credit Suisse’s case related to losses from Greensill Capital. Meanwhile, Ukraine is hosting a conference on post-war recovery, and economic data is being released for the UK, South Africa, and Germany. The Google class action case, company reports, JPMorgan lawsuit, GIC sovereign wealth fund, ByteDance’s retail expansion, minimum wage violations, Hunter Biden’s guilty plea, and a US lobbying campaign in Brazil are also making headlines.

Additional Piece:

The London High Court’s credit Suisse lawsuit against SoftBank and the subsequent questioning of its validity after the UBS bailout highlights the intricate connections and potential conflicts of interest in the financial world. As major players in the banking sector, Credit Suisse, UBS, and SoftBank navigate complex relationships and alliances that can have far-reaching consequences for their business interests.

The evaluation of the lawsuits Credit Suisse is involved in, undertaken by UBS’s senior legal team, underscores the delicate balance between pursuing legal action to protect one’s interests and considering the potential damage to a company’s reputation. This strategic assessment is crucial in maintaining stability and investor confidence, especially in an industry where trust is paramount.

SoftBank’s defense against Credit Suisse’s claims pertaining to losses from Greensill Capital reveals the complex nature of financial disputes and the attempts made by each party to protect its position. Financial institutions face challenges not only from external factors but also from internal issues such as failures and the need to recover funds.

The broader context of Ukraine’s post-war recovery and the discussion of economic forecasts for various countries shows the interconnectedness of global economies and the importance of cooperation in rebuilding and revitalizing nations. The European Investment Bank’s call for EU states to start rebuilding reflects the recognition that economic recovery requires collective effort and collaborative initiatives.

The Google class action case, company reports, and the vote on the acquisition of Numis by Deutsche Bank highlight the ever-evolving landscape of the business world. These developments offer insights into the dynamics of mergers, acquisitions, and legal disputes, shaping the corporate landscape and influencing investor sentiment.

The Financial Times’ School of Journalism seminar presents an invaluable opportunity for aspiring journalists to learn from accomplished professionals and gain insight into the investigative process. The Wirecard financial scandal, uncovered by Dan McCrum, serves as a reminder of the crucial role journalism plays in exposing wrongdoing and holding companies accountable.

Delving into other stories, such as JPMorgan’s pursuit of recovery, Singapore’s GIC sovereign wealth fund seeking growth opportunities, ByteDance’s expansion into retail, and the issue of minimum wage violations, provides a comprehensive overview of the diverse topics shaping the global economic landscape. These stories shed light on the complexities and challenges faced by various industries, offering a broader understanding of the realms of finance, technology, and labor rights.

Furthermore, Hunter Biden’s guilty plea and the US lobbying campaign in Brazil offer a glimpse into the political and legal complexities that influence national and international affairs. The actions and decisions of individuals and governments can have significant implications, shaping the course of nations and highlighting the importance of transparency and accountability.

Overall, the diverse array of news stories covered in this piece demonstrates the intricacies of the global financial landscape and its interconnected nature. These stories underscore the need for a nuanced understanding of the complexities and challenges facing the business and political world, as well as the importance of continuous learning and staying informed.

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The London High Court of Credit Suisse lawsuit against SoftBank has been questioned following the bailout of the Swiss bank by rival UBS, which counts the Japanese conglomerate among its clients, according to sources familiar with the report.

Since the acquisition was completed last week, UBS’s senior legal team has assessed the many lawsuits Credit Suisse is involved in to weigh the merits of their prosecution against the potential damage to its business interests and reputation .

The deliberations came as SoftBank began its defense in Credit Suisse’s case for more than $440 million in losses related to Greensill Capital, accusing the Swiss bank of trying to shift blame for its own failures.

Credit Suisse, which was forced to close $10 billion of client funds two years ago after the implosion of specialist finance firm Greensill, filed formal proceedings against SoftBank in April as part of its long-standing attempts to recover cash. on behalf of his wealthiest clients.

Here’s what else I’m keeping an eye out for:

• Rebuilding Ukraine: Political and business leaders gather in London for a two-day conference to discuss Ukraine’s post-war recovery. The head of the European Investment Bank has urged EU states to start rebuilding in an interview with the Financial Times.

• Economic data: The UK and South Africa have their consumer price indices for the past month. Britain also has its producer price index and public sector finance data, while the Ifo publishes its economic forecasts for Germany.

• Cause Google: A case management hearing is held in the class action case representing 19.5 million Android phone users brought by UK consumer champion Liz Coll against Alphabet and its subsidiary Google.

• Companies: Report of Berkeley Group and Liontrust. Shareholders of London boutique bank Numis to vote on its acquisition by Deutsche Bank.

Next Thursday, the Financial Times will hold its first FT School of Journalism seminar in London. Learn first-hand how investigative journalist Dan McCrum uncovered the Wirecard financial scandal, in conversation with business journalist Helen Thomas. Sign up here.

Five more top stories

1. Exclusive: JPMorgan Chase aims to recover millions of dollars from an insurance policy who protected the US bank from fraud after his botched $175 million acquisition of financial aid start-up Frank in 2021, according to people familiar with the matter. The bank claims Frank’s founder Charlie Javice misled it about customer numbers.

2. Exclusive: Singapore’s $700 billion GIC sovereign wealth fund accelerated talks in the US, investing in venture capital funds and technology companies as it seeks growth beyond China. Read the full story.

3. Exclusive: Beijing-based ByteDance sells products to UK TikTok users through a new feature on the viral video app called “Trendy Beat,” which advertises items that have proven popular in videos. Items are shipped from China and sold by a Singapore-registered company owned by ByteDance, part of the group’s push to expand its retail offerings. Learn more about the effort known internally as “Project S”.

4. Marks and Spencer, WHSmith and Argos are among more than 200 companies that have not paid staff the minimum wage, according to the UK government. The offending companies were fined £7m in addition to repaying money owed to their employees. Here are other companies on the list released today.

5. Hunter Biden has agreed to plead guilty not to pay income tax more than $100,000 on annual income exceeding $1.5 million earned in 2017 and 2018. US President Joe Biden’s son has also reached a settlement with prosecutors over a separate felony of possession of a firearm fire as an illegal user or addicted to a “controlled substance”. Here’s how the president and Republican opponents responded.

The big read

During last October’s Brazilian presidential election, incumbent far-right Jair Bolsonaro attacked the electoral process in ways reminiscent of Donald Trump in the United States. In the end, he accepted the victory of his opponent Luiz Inácio Lula da Silva, a testament to the strength of the country’s institutions. But it was also due in part to a discreet, little-known, year-long lobbying campaign by the US government.

We are also reading. . .

• submarines: The ocean has attracted marine scientists to do it explore its depths for decades in submersibles similar to the missing tourist ship en route to the wreck of the Titanic.

• Dough Panic: Manufacturers are in hot water with EU governments and consumer groups the soaring prices of basic necessities.

• Sierra Leone: Ahead of Saturday’s election, rising costs have created an opening for opposition politicians from the West African nation.

• western populism: Rationalizing Western populism is a fool’s commissionwrites Janan Ganesh, yet it is undertaken by people of the utmost intelligence.

Chart of the day

More American companies they had to pay more for loans or abandon loan plans after being hit by changes in the market for covered loan obligations, or CLOs, the investment vehicles that hold about two-thirds of low-rated US corporate loans.

Take a break from the news

The FT spoke to music star Pharrell Williams ahead of his Louis Vuitton debut at Paris Fashion Week. “This is not a job. This is not a concert. This is a dream,” Williams said of his unexpected appointment as creative director of menswear to the largest luxury brand in the world.

Further contributions by Benjamin Wilhelm and Gordon Smith

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https://www.ft.com/content/688b4344-3ade-45a0-9a8c-f3e509a4ffad
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