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SVB Financial Group

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Case overview

Case Number:

1:23-bk-10367

Court:

New York Southern

Nature of Suit:

Firms

Companies

Government Agencies

Sectors & Industries:

  1. July 10, 2023

    SVB Parent Demands FDIC Fork Over $1.9B Account Funds

    The former parent of the defunct Silicon Valley Bank demanded Sunday that the Federal Deposit Insurance Corp. hand over $1.9 billion in account funds that were maintained at the bank, arguing that any claims the agency believes it has to the money must be resolved in bankruptcy court.

  2. June 29, 2023

    SVB Financial Approved For Ch. 11 Sale Of Securities Arm

    An $81 million sale of the securities trading arm of SVB Financial Group received approval Thursday in a New York bankruptcy court, but only after the debtor agreed to trim releases for the members of the management team that submitted the winning bid.

  3. May 23, 2023

    SVB Execs Can Tap D&O Insurance, Bankruptcy Court Says

    SVB Financial Group directors and officers can tap into the company's D&O coverage tower to use in various securities class actions and other litigation, a New York bankruptcy court ruled, saying speculative harm against debtor SVB doesn't outweigh the directors' present need for insurance access.

  4. May 17, 2023

    FDIC Ordered To Hand Over SVB Parent's Tax Refund Checks

    A New York bankruptcy judge Wednesday ordered the Federal Deposit Insurance Corp. to hand over tax refund checks made out to the former parent of the defunct Silicon Valley Bank, saying the agency needs to stop engaging in "self-help."

  5. May 12, 2023

    SVB Parent Says FDIC Has No Right To Hold Tax Refunds

    The former parent company of Silicon Valley Bank told a New York bankruptcy judge that the Federal Deposit Insurance Corp. is violating the Bankruptcy Code and possibly criminal law in its attempts to retain nearly $11 million in tax refunds mailed to the bank.

  6. March 21, 2023

    SVB Financial Gets Ch. 11 Nod For $100M Cash Use

    The bankrupt parent company of the failed Silicon Valley Bank received court approval Tuesday in New York to use $100 million of its cash to fund its capital commitments for investment activities at its venture capital operation.

  7. March 20, 2023

    SVB Can't Transfer Accounts From Silicon Valley, FDIC Says

    Former Silicon Valley Bank parent SVB Financial Group cannot make Silicon Valley move SVB's accounts to a new bank, the Federal Deposit Insurance Corp. told a New York bankruptcy judge Monday, saying it would interfere with the FDIC's right to deny SVB insurance coverage for its accounts.

  8. March 17, 2023

    Silicon Valley Bank Parent Files For Ch. 11 In NY

    The former parent company of Silicon Valley Bank said Friday morning it has filed for Chapter 11 protection in New York bankruptcy court to explore "strategic alternatives" to deal with its $3.3 billion in debt.