SVB Financial Group has filed a lawsuit against the U.S. Federal Deposit Insurance Corp (FDIC) seeking the recovery of $1.93 billion confiscated by the regulator during the takeover of Silicon Valley Bank in March. The filing was made in a bankruptcy court on Sunday.
SVB Financial, the former owner of Silicon Valley Bank, is currently trying to sell off its remaining assets in bankruptcy.
JPMorgan and PNC are among the suitors for SVB Financial, excluding SVB Bank.
In its complaint, SVB Financial stated that the FDIC claimed to have valid reasons for not paying the amount but failed to provide any evidence despite having enough opportunities to do so.
The company also alleged that the FDIC violated bankruptcy regulations by transferring funds and refusing to honor SVB Financial’s payment request.
The FDIC has not yet responded to a Reuters request for comment.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
Denial of responsibility! Samachar Central is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
