The parent of Silicon Valley Bank, seized last week by the U.S., is filing for Chapter 11 bankruptcy protection.
SVB Financial Group, along with its CEO and its chief financial officer, were targeted this week in a class action lawsuit that claims the company didn't disclose the risks that future interest rate increases would have on its business.
The bank's successor, Silicon Valley Bridge Bank, is being run under the jurisdiction of the FDIC and is not included in the Chapter 11 filing. Regulated broker-dealer SVB Securities and funds of venture capital and private credit fund platform SVB Capital and its general partner entities are not included in the Chapter 11 filing and continue to operate normally.
SVB Financial Group believes it has approximately $2.2 billion of liquidity. The Santa Clara, California-based company said it also has other valuable investment securities accounts and other assets that it's exploring strategic options for.
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