Fintech Nexus Newsletter (April 26, 2024): SVB Financial Group’s $2 billion lawsuit against the FDIC
We haven’t written about Silicon Valley Bank in almost a year, but the saga of the third-largest bank collapse continues. SVB’s parent company, SVB Financial Group, had $2 billion on deposit at its bank subsidiary. When the FDIC made it clear that all depositors would be made whole, one would assume that included the $2 billion of the parent company’s money. But the FDIC has so far refused to pay. Now, the lawsuits are flying. For a while, it looked like the parent company would get their money as $2.12 billion