Home > NEWS > Shareholders file lawsuit against Silicon Valley Bank, alleging fraud: Report

Shareholders file lawsuit against Silicon Valley Bank, alleging fraud: Report

The class-action suit was filed against Silicon Valley Bank, CEO Greg Becker and chief financial officer Daniel Beck.

A group of shareholders reportedly sued the head office and some management of Silicon Valley Bank during the dilemma.

Several mainstream media reported on March 13th that many shareholders of Silicon Valley Bank had accused CEO Greg Becker and Chief operating Officer Toni Baker of fraud. The lawsuit is likely to be one of the first lawsuits to be brought to court since California regulators shut down the bank on March 10. It was previously reported that Circle had more than US $3 billion in stable currency reserves at a financial institution, causing US dollar coins to be temporarily pegged to the US dollar.

Shareholders reportedly claimed that SVB, Becker and Beck withheld the company's annual interest rate information, making it "vulnerable" to bank crowding. Shareholders said the bank's announcement "underestimated the risk to the company because the possibility of raising interest rates without a brief description of the Fed meeting could have an irreparable adverse impact on companies".

Global regulatory groups, investors and industry leaders have once again announced the advance of the plight of signatory banks, Silicon Valley banks and Bank of Silvergate. Many login password companies, including BlockFi and Gemini, which are already in bankruptcy liquidation procedures, either claim to have sufficient funds to offset the openness to the affected banks, or there is no opening at all.

by Turner Wright
© 2023 WJB All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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