FDIC and SVB Financial in dispute over $2bn in frozen funds.
TL;DR Summary
SVB Financial and the Federal Deposit Insurance Corporation (FDIC) are in a dispute over the fate of $2bn in a bankruptcy hearing. SVB Financial is arguing that the funds should be returned to investors, while the FDIC claims that the money should be used to pay off creditors. The outcome of the hearing could have significant implications for the banking industry.
- SVB Financial clashes with FDIC over fate of $2bn in bankruptcy hearing Financial Times
- Silicon Valley Bank's former owner, FDIC bracing for fight over $2 bln Reuters
- SVB Financial accuses FDIC of improperly freezing $2B in funds Daily Mail
- Silicon Valley Bank’s Former Parent Says FDIC Seized About $2 Billion of Its Cash The Wall Street Journal
- SVB Financial says FDIC has seized almost $2 billion of its deposits: report MarketWatch
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