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Join the Securities Litigation and Enforcement Group on LinkedInWell, 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 […]
KPMG Gave SVB, Signature Bank Clean Bill of Health Weeks Before Collapse – WSJ
Silicon Valley Bank failed just 14 days after KPMG LLP gave the lender a clean bill of health. Signature Bank went down 11 days after the accounting firm signed off on its audit. What KPMG knew about the two banks’ financial situation and what it missed will likely be the subject of regulatory scrutiny and […]
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 […]
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 […]
Signature Bank’s Collapse Fueled by Crypto Bets and Run on Deposits – The New York Times
The bank also said its digital asset-related client deposits stood at $16.52 billion. Signature was one of the few financial institutions that had opened its doors to taking deposits of crypto assets, a business it entered into in 2018. That ended up being a fateful decision because the bottom fell out of crypto assets after […]
Signature Bank Is Shut by Regulators After SVB Collapse – WSJ
Signature Bank was closed by regulators on Sunday, the second massive bank failure in three days. The New York-based bank faced a crisis of confidence after midsize lender SVB Financial Corp. was seized by regulators on Friday. Signature was also reeling from a bet on crypto banking that foundered after the sector imploded and banking […]
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 […]