The parent of Silicon Valley Bank, which was seized last week by the US, filed for Chapter 11 bankruptcy protection.
SVB Financial Group, along with its CEO and chief financial officer, were targeted this week in a class-action lawsuit alleging the company failed to disclose the risk of future interest rate increases.
SVB Financial Group is no longer affiliated with Silicon Valley Bank following its seizure by the Federal Deposit Insurance Corp.
The bank’s successor, Silicon Valley Bridge Bank, is being held under FDIC jurisdiction and is not included in the Chapter 11 filing.
SVB Financial Group believes it has approximately $2.2 billion in liquidity.