Attorneys from Quinn Emanuel Urquhart & Sullivan have entered appearances for Federal Deposit Insurance Corporation. The case was filed Dec. 19 in California Northern District Court by Sullivan & Cromwell on behalf of SVB Financial Group, the parent company of Silicon Valley Bank. The lawsuit accuses the FDIC of cutting off the plaintiff's access to its accounts following the transfer of all Silicon Valley Bank deposits to an FDIC-operated bridge bank. The suit contends that the action defies the Treasury Department's determination that all deposits of all depositors of Silicon Valley Bank would be protected. The case, assigned to U.S. District Judge Beth Labson Freeman, is 5:23-cv-06543, SVB Financial Group v. Federal Deposit Insurance Corporation.
Banking & Financial Services
February 02, 2024, 7:22 PM