The mother or father of Silicon Valley Financial institution, seized final week by the U.S., is submitting for Chapter 11 chapter safety.
SVB Monetary Group, together with its CEO and its chief monetary officer, have been focused this week in a class action lawsuit that claims the corporate didn’t disclose the dangers that future rate of interest will increase would have on its enterprise.
SVB Monetary Group is now not affiliated with Silicon Valley Financial institution after its seizure by the Federal Deposit Insurance coverage Corp.
The financial institution’s successor, Silicon Valley Bridge Financial institution, is being run underneath the jurisdiction of the FDIC and isn’t included within the Chapter 11 submitting.
SVB Monetary Group believes it has roughly $2.2 billion of liquidity.