By Byron Kaye

SYDNEY, (Reuters) – Credit Suisse (SIX 🙂 Group AG joined Greensill Capital creditors by filing suit in Australia against the country’s top insurer seeking damages for their collapsed supply chain financier. Court filings revealed.

The total claim amount was A$300million ($219 million) according to local media.

Insurance Australia Group Ltd (IAG, LON:)) has been previously identified as being potentially vulnerable to Greensill’s 2021 bankruptcy. It was due to Greensill’s former unit BCC Trade Credit selling policies. However, it claimed at that time that it did not have any liability since it sold its part of the unit two-years earlier.

However, lawsuits are afoot against the Australian firm. It is most well-known in Australia for its sales of car and property insurance.

Court filings reveal that Greensill’s administrator and White Oak Global Advisors in America, which works with Greensill client GFG Alliance respectively, filed lawsuits against IAG in 2021.

Two lawsuits were filed by Credit Suisse against IAG in the following month according to filings. Court filings show that all four lawsuits were consolidated and received their first hearing at the Federal Court.

Australian Financial Review stated that nearly A$300 Million was claimed by the companies, with White Oak accounting for about half. White Oak didn’t respond to Reuters email requests for comment.

Credit Suisse could not be reached for comment immediately. The second largest bank in Switzerland was responsible for Greensill’s collapse. It suspended $10 billion supply chain funds shortly before Greensill filed to insolvency.

IAG spokeswoman said that while the company believes it is not responsible for BCC policies and anticipates potential litigation from Greensill administrators or any other claimants, it will defend these lawsuits.

($1 = 1.3721 Australian dollars)