SVB Financial Group has sued the U.S. Federal Deposit Insurance Corp (FDIC) to recover $1.93 billion from the regulator seized during the takeover of the failed Silicon Valley Bank in March, according to a filing in a bankruptcy court on Sunday.
SVB Financial owned Silicon Valley Bank before it was seized by the regulator in March, and the firm is attempting to sell its remaining assets in bankruptcy.
JPMorgan, PNC among suitors for SVB Financial in deal excluding SVB Bank
In its complaint, SVB Financial said the FDIC asserted it has claims against the company to justify its refusal to pay, but has not identified even a single claim “despite having numerous opportunities”.
The company said the FDIC violated bankruptcy rules by transferring funds and refusing to honor SVB Financial’s demand to be paid.
The FDIC did not immediately respond to a Reuters request for comment.
Your subscription could not be saved. Please try again.
Your subscription has been successful.
Read Next
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.
For feedback, complaints, or inquiries, contact us.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.