The parent company of Silicon Valley Bank, seized last week by the U.S., is filing for Chapter 11 bankruptcy protection.
SVB Financial Group, along with its CEO and its chief financial officer, were targeted this week in a class-action lawsuit that claims the company didn’t disclose the risks that future interest rate increases would have on its business.
SVB Financial Group is no longer affiliated with Silicon Valley Bank after its seizure by the Federal Deposit Insurance Corp. Its collapse was the second-biggest bank failure in U.S. history, after the demise of Washington Mutual in 2008.
The bank’s successor, Silicon Valley Bridge Bank, is
