SVB Financial Group has filed a lawsuit against the U.S. Federal Deposit Insurance Corp (FDIC) in an attempt to recover $1.93 billion that was seized during the takeover of Silicon Valley Bank in March. The lawsuit was filed in a bankruptcy court on Sunday.
Prior to the seizure, SVB Financial owned Silicon Valley Bank and is now looking to sell its remaining assets in bankruptcy.
JPMorgan, PNC among potential buyers for SVB Financial, excluding SVB Bank
In the complaint, SVB Financial states that the FDIC has justified its refusal to pay by asserting claims against the company, but has not provided any details about these claims despite multiple requests from SVB Financial.
SVB Financial alleges that the FDIC violated bankruptcy rules by transferring funds and refusing to honor the company’s request for payment.
The FDIC has not responded to a request for comment from Reuters.
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