Sydney The major Swiss bank has joined Greensill Capital’s creditors and has filed a lawsuit in Australia against insurer Insurance Australia Group (IAG) for compensation. Credit Suisse filed two lawsuits against IAG last month in connection with the collapse of the supply chain finance company, court filings show.
The subsidiary BCC Trade Credit of the country’s largest insurer had sold policies to Greensill. However, IAG later stated that it was not liable because the group had sold its stake in BCC. Nevertheless, several parties filed suits against IAG.
According to the publication Australian Financial Review, the total claim against IAG is almost AUD 300 million. Credit Suisse could not be reached for the time being. An IAG spokesman said the company still believes it is not liable for the policies.
More: After Credit Suisse allegations – discussion about Swiss banking secrecy
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