"IRS Files Lawsuit Against FDIC Over Silicon Valley Bank's $1.4 Billion Tax Debt"

The IRS has sued the FDIC to determine the amount it must pay to cover Silicon Valley Bank's $1.45 billion tax debt after the bank's collapse in March 2023. The FDIC, acting as the bank's receiver, has denied the tax claim, leading to a legal dispute. Additionally, SVB Financial, the bank's former parent company, has also sued the FDIC over the seizure of $1.93 billion in cash, arguing that the FDIC should repay the funds.