SVB Financial Group

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Case overview

Case Number:

1:23-bk-10367

Court:

New York Southern

Nature of Suit:

Firms

Companies

Government Agencies

Sectors & Industries:

May 13, 2024
SVB's Bid To Recoup $1.9B Runs 'Counter To Law,' FDIC Says

The bankrupt former parent company of Silicon Valley Bank can't sue to collect $1.9 billion in deposits held by the Federal Deposit Insurance Corp. when it took receivership over funds after the bank failed, the FDIC told a California federal judge, saying the majority of SVB's latest lawsuit over the funds should be thrown out.
May 03, 2024
SVB Seeks Exit Fee For $340M Brookfield, Sequoia JV Sale

SVB Financial Group has urged a New York bankruptcy court to sign off on protections for a joint venture of Brookfield and Sequoia that is offering $340 million to purchase its investment platform, explaining that a $15.1 million break-up fee provision is necessary to secure the bid.
February 01, 2024
Judge OKs SVB Atty Fees In Ch. 11 Despite 'Sticker Shock'

A New York bankruptcy judge gave initial approval on Thursday to millions of dollars in fees requested by professionals working on the bankruptcy case of Silicon Valley Bank's former parent company, despite his "sticker shock" at Sullivan & Cromwell's $1,500 hourly rate.
August 22, 2023
SVB Parent Gets OK For $12.5M In Exec Performance Bonuses

A New York bankruptcy judge Tuesday approved the payment of up to $12.5 million in bonuses for nine senior executives of the venture capital affiliate of bankrupt SVB Financial Group after SVB said it had resolved objections raised by the U.S. Trustee's Office.
August 16, 2023
US Trustee Pans SVB Bid For Top Executives' Bonuses

The Office of the U.S. Trustee has asked a New York bankruptcy judge to reject $12.5 million in bonuses for nine senior executives of SVB Capital, the venture capital business of bankrupt SVB Financial Group, saying the proposed payouts are just a retention plan in disguise.
July 26, 2023
SVB Parent Floats $12.5M In Bonuses For Top Execs

SVB Financial, the parent of defunct Silicon Valley Bank, has proposed paying up to $12.5 million in bonuses to executives who meet certain performance targets during the company's Chapter 11 proceedings.
July 10, 2023
SVB Parent Demands FDIC Fork Over $1.9B Account Funds

The former parent of the defunct Silicon Valley Bank demanded Sunday that the Federal Deposit Insurance Corp. hand over $1.9 billion in account funds that were maintained at the bank, arguing that any claims the agency believes it has to the money must be resolved in bankruptcy court.
June 29, 2023
SVB Financial Approved For Ch. 11 Sale Of Securities Arm

An $81 million sale of the securities trading arm of SVB Financial Group received approval Thursday in a New York bankruptcy court, but only after the debtor agreed to trim releases for the members of the management team that submitted the winning bid.
May 23, 2023
SVB Execs Can Tap D&O Insurance, Bankruptcy Court Says

SVB Financial Group directors and officers can tap into the company's D&O coverage tower to use in various securities class actions and other litigation, a New York bankruptcy court ruled, saying speculative harm against debtor SVB doesn't outweigh the directors' present need for insurance access.
May 17, 2023
FDIC Ordered To Hand Over SVB Parent's Tax Refund Checks

A New York bankruptcy judge Wednesday ordered the Federal Deposit Insurance Corp. to hand over tax refund checks made out to the former parent of the defunct Silicon Valley Bank, saying the agency needs to stop engaging in "self-help."