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We haven’t written about Silicon Valley Financial institution in nearly a 12 months, however the saga of the third-largest financial institution collapse continues.
SVB’s mum or dad firm, SVB Monetary Group, had $2 billion on deposit at its financial institution subsidiary. When the FDIC made it clear that every one depositors can be made entire, one would assume that included the $2 billion of the mum or dad firm’s cash.
However the FDIC has to date refused to pay. Now, the lawsuits are flying.
For some time, it regarded just like the mum or dad firm would get their cash as $2.12 billion was moved to the bridge financial institution, and the mum or dad withdrew $177 million. However then the FDIC halted these payouts.
Legal professionals ?for SVB Monetary Group argue that ?”the FDIC’s act was tantamount ?to theft” given the general public assurances on the protection of deposits.
The FDIC just isn’t commenting on the pending litigation. It will likely be left ?to a California court docket to resolve.
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