SVB Financial files lawsuit against FDIC to reclaim $1.9 billion seized during bank failure
SVB Financial Group has filed a lawsuit against the US Federal Deposit Insurance Corporation (FDIC) to recover $1.93 billion that was seized during the takeover of Silicon Valley Bank. SVB Financial, the former owner of the bank, is currently selling its remaining assets in bankruptcy. The company alleges that the FDIC violated bankruptcy rules by transferring funds and refusing to honor its demand for payment. The FDIC has not yet responded to the lawsuit.