Transcribed
Silicon Valley Bank’s Former Owner Sues US Watchdog for $1.9bn
Jul 10, 2023 ·
53s
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Silicon Valley Bank’s Former Owner Sues US Watchdog for $1.9bn
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Description
SVB Financial Group, the former owner of the bankrupt Silicon Valley Bank, has sued a financial regulator in the United States in a bid to claw back more than $1.9bn....
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SVB Financial Group, the former owner of the bankrupt Silicon Valley Bank, has sued a financial regulator in the United States in a bid to claw back more than $1.9bn.
SVB Financial says the US Federal Deposit Insurance Corporation violated US bankruptcy law by keeping $1.93bn in cash after taking over the group’s banking arm earlier this year.
The FDIC seized Silicon Valley Bank’s assets in March, marking the biggest bank collapse since Washington Mutual at the peak of the 2008 financial crisis.
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SVB Financial says the US Federal Deposit Insurance Corporation violated US bankruptcy law by keeping $1.93bn in cash after taking over the group’s banking arm earlier this year.
The FDIC seized Silicon Valley Bank’s assets in March, marking the biggest bank collapse since Washington Mutual at the peak of the 2008 financial crisis.
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| Author | Africa Business Radio |
| Organization | Africa Business Radio |
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