Trending Now
Announcements Commercial

Boies Schiller Flexner forming international investor group to recover losses – Greensill / Credit Suisse Supply Chain Finance Funds

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 greensill@bsfllp.com for further details.

Background

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 coverage.

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 losses.

BSF

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.

Announcements

View All
Announcements Commercial Legal Innovation

Sentry Expands Free Funding Market Search for Litigators

By John Freund |

Sentry Funding’s free tool enabling litigators to instantly search the funding market on behalf of clients has been expanded.

Sentry’s free ‘decision in principle’ feature enables lawyers to evidence to clients that they have conducted a broad market search, even if funding is not ultimately taken out.

Having deployed £125m in funding across a range of case types, Sentry now has access to an even broader funding marketplace, covering 34 global jurisdictions. Finance is provided by 13 funders, five of which are members of the Association of Litigation Funders.

With the recent addition of Sentry’s first US-based funder, the US offering will now be expanding over the next few months. 

A faster process

Sentry has deployed the latest technology to make the search for funding even easier. 

  • The intuitive application process now only asks questions relevant to previous answers, saving lawyers time.
  • The commercial marketplace has been redeveloped with 63 new data points added to the funder criteria matrix - improving the accuracy of case / funder matching
  • Sentry has also begun building out its AI capabilities, starting with an automated auditing tool for live case progression audits. 

Tom Webster, chief executive officer at Sentry Funding, said:

‘By broadening our reach and speeding up the process, we’re making it even easier for lawyers to raise funding. We’re also giving litigators an easy way to show clients they have fully researched the market, rather than just approaching one or two funders. 

‘The service is free to use, so even if clients decide they do not ultimately want funding or if none is available for that case, for the lawyer, it makes sense to use our “decision in principle” feature, so they can put evidence on file that they did check the market.’

Sentry Funding is an SaaS (software as a service) technology provider that gives solicitors access to a diverse marketplace of litigation funders. It works with solicitors, funders and third-party providers to ensure claimants are getting the most efficient service for their funding needs. 

The Sentry Portal also acts as a case management system that runs a transparent digital case file for solicitors, funders, after-the-event insurance providers, barristers, cost lawyers and other relevant third parties.

Announcements Commercial

NorthWall Capital Hits €2.9 B AUM on Private Credit Momentum

By John Freund |

NorthWall Capital has rocketed past €2.9 billion in assets under management after pulling in an additional €1.6 billion of institutional capital in 2025 alone. The London-based alternative credit manager says the surge reflects allocators’ intensifying hunt for scaled, multi-strategy platforms as Europe’s banks retrench and borrowers seek bespoke sources of credit.

A press release from NorthWall Capital details first-close totals across four distinct strategies. The flagship Credit Opportunities fund secured €731 million—already eclipsing its prior vintage—while the newly launched Senior Lending vehicle raised $503 million, translating to roughly $750 million of deployable firepower once leverage is applied. Asset-Backed Opportunities collected €252 million for collateral-rich loans in sectors underserved by traditional lenders, and the specialist Legal Assets platform locked down $169 million to extend the firm’s law-firm lending programme.

Founder and CIO Fabian Chrobog said the fundraising validates “the consistency of our approach” and NorthWall’s ability to craft solutions that resonate with investors and counterparties alike. With headcount slated to hit 40 by year-end, the firm plans to lean further into complex, situational credit born of bank deleveraging, regulatory shifts and sponsors’ need for certainty of execution.

Announcements Commercial People Moves

Victory Park Expands Legal Credit Leadership with Maleson Promotion

By John Freund |

Victory Park Capital (VPC), a global alternative asset manager specializing in private credit, has announced that Justin Maleson will expand his role to Managing Director, co-heading the firm’s legal credit investment strategy. The promotion underscores VPC’s ongoing investment in its legal finance capabilities and follows Maleson’s initial appointment in 2024 as Assistant General Counsel.

An announcement from Victory Park Capital details Maleson’s new responsibilities, which include sourcing, analyzing, and managing investments across legal assets, while maintaining oversight of the firm’s legal operations. He joins Chad Clamage in co-leading the strategy, working alongside team members Hugo Lestiboudois and Andrew Pascal, under the continued oversight of VPC CEO and founder Richard Levy.

Maleson brings a strong background in litigation finance and commercial law to the position. Before joining VPC, he served as a director at Longford Capital, where he specialized in originating and managing litigation funding transactions. His earlier tenure as a litigation partner at Jenner & Block further deepened his exposure to complex legal matters, equipping him with the expertise needed to navigate the nuanced legal credit space.

VPC’s legal credit team emphasizes an asset-backed lending model, prioritizing downside protection and predictable income streams. The firm aims to capitalize on inefficiencies within the legal funding market by leveraging its internal expertise and broad network of relationships. With Maleson’s appointment, VPC signals its intent to further scale its legal credit strategy, positioning itself as a key player in the evolving legal finance sector.

Maleson’s elevation comes at a time of increasing sophistication in litigation finance, where experienced legal minds are playing a pivotal role in portfolio construction and risk management. As VPC bolsters its leadership, the move may foreshadow further institutionalization of legal asset investing and heightened competition in a maturing market segment.