NEW YORK, March 22 ― SVB Financial Group and the federal regulator that closed its Silicon Valley Bank unit indicated at a bankruptcy court hearing yesterday that a fight is...
NEW YORK, March 22 ― SVB Financial Group and the federal regulator that closed its Silicon Valley Bank unit indicated at a bankruptcy court hearing yesterday that a fight is looming over US$2 billion of the former parent company's cash that was seized along with the lender.
“Not only has the bank been taken, all the cash has been taken,” said James Bromley, an attorney for SVB Financial. Kurt Gwynne, an attorney for the FDIC as receiver for Silicon Valley Bank, disputed at yesterday's hearing that regulators had done anything improper. He also said there may be fights over the money SBF Financial had on deposit at the bank.
Gwynne said that the FDIC and other regulators took steps to insure all bank deposits as a way of preventing a banking panic and without those steps, there would be nothing of value at SVB Financial to fight over. The FDIC has said in court filings that it is holding SVB Financial's funds while investigating potential claims against it.
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