FDIC and SVB Financial in Legal Battle over $2B in Frozen Funds.

SVB Financial, the bankrupt parent company of Silicon Valley Bank, has accused the FDIC of improperly freezing $2bn in funds. The FDIC guaranteed the uninsured deposits at Silicon Valley Bank, including the cash deposits of the parent firm, but regulators froze SVB Financial's accounts as part of an ongoing investigation into potential claims against the parent company. Meanwhile, Wall Street CEOs and US officials are discussing the possibility of government backing to encourage potential buyers for battered First Republic Bank. The Dow Jones Industrial Average rose 316 points, or 1%, at the closing bell, after Treasury Secretary Janet Yellen said the government could offer the banking industry more assistance if needed.