SVB Financial Group files for Chapter 11 bankruptcy protection

The parent of Silicon Valley Bank, which was seized last week in the US, has filed 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 which claims that the company does not disclose the risks that will occur in the future increase in interest in its business.

SVB Financial Group is no longer affiliated with Silicon Valley Bank following its takeover by Federal Deposit Insurance Corp.

The bank’s successor, Silicon Valley Bridge Bank, operated under the jurisdiction of the FDIC and was not included in the Chapter 11 filing.

SVB Financial Group believes it has approximately $2.2 billion in liquidity.

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