World News | Parent of Silicon Valley Bank Seeks Bankruptcy Protection

New York, Mar 17 (AP) The parent of Silicon Valley Bank, seized last week by the US, 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.

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SVB Financial Group is no longer affiliated with Silicon Valley Bank after its seizure by the Federal Deposit Insurance Corp.

The bank's successor, Silicon Valley Bridge Bank, is being run under the jurisdiction of the FDIC and is not included in the Chapter 11 filing.

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SVB Financial Group believes it has approximately USD 2.2 billion of liquidity. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)