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Al Jazeera
Al Jazeera
Business

Silicon Valley Bank’s former owner sues US watchdog for $1.9bn

Silicon Valley Bank United States FDIC Federal Deposit Insurance Corporation Insurance Lawsuit SVB SVB Financial SVB Financial Group
SVB Financial Group is seeking to recover $1.93bn from the Federal Deposit Insurance Corporation [File: Dado Ruvic/Reuters]

SVB Financial Group, the former owner of the bankrupt Silicon Valley Bank (SVB), has sued a financial regulator in the United States in a bid to claw back more than $1.9bn.

In a lawsuit, SVB Financial said the US Federal Deposit Insurance Corporation (FDIC) violated US bankruptcy law by keeping $1.93bn in cash after taking over the group’s banking arm earlier this year.

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