SVB Financial made the accusations in court filings ahead of its first bankruptcy hearing on Tuesday afternoon in Manhattan
. It filed for Chapter 11 protection about a week after California banking regulators on March 10 closed Silicon Valley Bank in the largest U.S. bank failure since the 2008 financial crisis.
SVB Financial is exploring options, including a potential bankruptcy sale, for its venture capital and investment banking units, which were not included in the FDIC takeover of Silicon Valley Bank, while continuing to operate its businesses, it said on Monday. The company has asked U.S. Bankruptcy Judge Martin Glenn, who is overseeing its Chapter 11 process, to allow it to move funds held at Silicon Valley Bank to a different bank.
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