Daily Archives: March 13, 2023, 7:47 pm

Well, That Didn’t Take Long: SVB’s Holdco and Execs Hit with Securities Suit | The D&O Diary

In my post yesterday discussing the implications of Silicon Valley Bank’s failure, I discussed the likelihood that D&O claims could arise in the wake of the failure. It has not taken long for this possibility to materialize. In morning (west coast time) on Monday, March 13, 2023, a plaintiff shareholder filed a securities class action lawsuit against SVB’s parent holding…

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U.S. crypto exchanges could face possible class-action lawsuit | Fox Business

Long time securities lawyer Tom Grady, known as one of the nation’s leading investment fraud attorneys, is preparing for potential litigation against the nation’s biggest crypto exchanges Coinbase, Robinhood, Kraken and others, according to a press release reviewed by FOX Business. In the release, Grady said he launched an investigation into the exchanges’ operations and their potential violations of state…

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Silicon Valley Bank Clients Can Fully Access Funds After FDIC Creates New Bridge Bank

Depositors of Silicon Valley Bank (SVB) will have full access to their money beginning Monday morning, the Federal Deposit Insurance Corporation said (FDIC), after confirming a successful transfer of deposits to a new bridge bank. The new bridge bank called Silicon Valley Bank N.A., which will be operated by the FDIC, will have normal opening hours, and customers have been…

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What Does the Failure of Silicon Valley Bank Mean? | The D&O Diary

In a development that has an all-too-familiar feel, on Friday March 10, 2023, banking regulators closed California-based Silicon Valley Bank (SVB), in what is the second-largest banking failure in U.S. history. The closure of the country’s 16th largest bank has sent shivers through the financial sector, raising questions about other lending institutions. For those of us in the D&O insurance…

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