Silicon Valley Bank’s parent company, seized last week by the US, is filing for Chapter 11 bankruptcy protection.
SVB Financial Group, along with its CEO and CFO, were the subject of a class action lawsuit this week that claims the company failed to disclose the risks future interest rate increases would have on its business.
SVB Financial Group is no longer affiliated with Silicon Valley Bank after its seizure by Federal Deposit Insurance Corp.
The bank’s successor, Silicon Valley Bridge Bank, falls under the jurisdiction of the FDIC and is not included in the Chapter 11 filing.
SVB Financial Group believes it has approximately $2.2 billion of liquidity.
