SVB Financial Group

Liquidators of ‘ticking time bomb’ Silicon Valley Bank (Cayman) sue shareholder SVB Financial Group to void ‘$294M distribution’

July 24, 2024

The liquidators of Silicon Valley Bank in the Cayman Islands are suing its Delaware-domiciled sole shareholder, SVB Financial Group, in an attempt to void a $294 million "upstream distribution" made when the offshore bank was "insolvent" and "a ticking time bomb".

Silicon Valley Bank v. SVB Financial Group: Complaint (‘$294M Upstream Distribution’)

July 24, 2024

Complaint to void a "$294 Million distribution made by Silicon Valley Bank to SVBFG, its sole shareholder, at a time when the Bank’s insolvency and collapse was a certainty and overlapping board of directors and officers were well aware of SVB’s critical financial distress" in Andrew Childe, Niall Ledwidge, and Michael Pearson, as Joint Official Liquidators of Silicon Valley Bank (in Official Liquidation), of the Cayman Islands v. SVB Financial Group at the U.S. Bankruptcy Court for the Southern District of New York.

SVB Financial Group v. FDIC: Complaint ($1.9B)

July 9, 2023

Complaint "to recover approximately $1,933,805,708.13" in SVB Financial Group v. Federal Deposit Insurance Corporation, in its corporate capacity and as Receiver for Silicon Valley Bank and Silicon Valley Bridge Road Bank N.A., at the U.S. Bankruptcy Court for the Southern District of New York.

Depositors ‘owed $38M’ apply to wind up Cayman Islands branch of Silicon Valley Bank

June 21, 2023

Depositors claiming to be owed $38 million have applied to wind up the Cayman Islands branch of California-headquartered Silicon Valley Bank at the Grand Court of the Cayman Islands.

SVB Financial Group: Chapter 11 Petition

March 17, 2023

Chapter 11 Petition by SVB Financial Group at the U.S. Bankruptcy Court for the Southern District of New York.

Elliot Snook v. SVB Financial Group et al: Class Action Complaint (‘Securities Fraud’)

March 15, 2023

Class Action Complaint alleging securities fraud in Elliot Snook v. SVB Financial Group, Greg W. Becker, and Daniel J. Beck at the U.S. District Court for the Northern District of California.

Chandra Vanipenta v. SVB Financial Group et al: Class Action Complaint (‘Securities Fraud’)

March 13, 2023

Class Action Complaint alleging securities fraud in Chandra Vanipenta v. SVB Financial Group, parent of Silicon Valley Bank; Greg W. Becker, and Daniel Beck at the U.S. District Court for the Northern District of California.