Contracts
Mar. 6, 2024
FDIC: SVB's $2B withholding claim should be dismissed
The FDIC argued that as a receiver it had broad discretion to take certain actions and assist a failing bank.
The Federal Department Insurance Corporation asked a U.S. judge in San Jose to dismiss Silicon Valley Bank’s claims that the government agency unlawfully withheld nearly $2 billion after the financial institution collapsed a year ago in the third biggest bank failure in U.S. history.
After Silicon Valley Bank shut down last March and its assets were transferred to Silicon Valley Bridge Bank, set up by the FDIC, “no bank-related losses wer...
To continue reading, please subscribe.
For only $95 a month (the price of 2 article purchases)
Receive unlimited article access and full access to our archives,
Daily Appellate Report, award winning columns, and our
Verdicts and Settlements.
Or
$795 for an entire year!
For only $95 a month (the price of 2 article purchases)
Receive unlimited article access and full access to our archives,
Daily Appellate Report, award winning columns, and our
Verdicts and Settlements.
Or
$795 for an entire year!
Or access this article for $45
(Purchase provides 7-day access to this article. Printing, posting or downloading is not allowed.)
Already a subscriber?
Sign In