SVB Financial Group sues FDIC to get $1.93B back - Breaking The News

SVB Financial Group sues FDIC to get $1.93B back

10 July

1 min read

EPA-EFE/CJ GUNTHER

SVB Financial Group, the previous parent company of the Silicon Valley Bank, filed a lawsuit against the United States Federal Deposit Insurance Corporation (FDIC), a court filing showed.

According to the filing, SVB Financial Group wants to recover $1.93 billion, with an aim to sell the remaining assets. The company insisted that FDIC's actions, including fund transfers and refusal to pay SVB, were in breach of bankruptcy rules.

The company filed for bankruptcy back in March, where it shared that it is no longer affiliated with the Silicon Valley Bank.

fdic svb

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