Sullivan & Cromwell partner Diane L. McGimsey has entered an appearance for SVB Financial Group, the parent company of Silicon Valley Bank, in a pending securities class action. The complaint, filed March 13 in California Northern District Court by the Rosen Law Firm, accuses SVB of failing to inform investors that rising interest rates over the past two years, plus SVB’s catering to risky tech startups and venture capital firms, increased the likelihood of a liquidity crisis and bank run. SVB’s collapse is the largest bank failure since WaMu’s collapse in 2008 and the second largest bank failure in U.S. history. The case, assigned to U.S. District Judge James Donato, is 5:23-cv-01097, Chandra Vanipenta v. SVB Financial Group et al.
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