Bankruptcy
Dec. 22, 2023
Bankrupt SVB sues FDIC for keeping $1.9B in funds
This is the bankrupt bank’s third attempt to get its money and the first in civil court. It first filed for relief in bankruptcy court in March and then filed an adversary proceeding in bankruptcy court in June.
Silicon Valley Bank, the first to collapse in the March banking crisis, sued the Federal Deposit Insurance Corporation this week, claiming the agency unlawfully withheld over $1.9 billion of its account funds.
The bank, which filed for Chapter 11 bankruptcy after it failed, was the third largest bank failure in U.S. history, according to American Banker.
SVB is represented by Robert A. Sacks, Adam S. Paris and...
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