Government,
Corporate,
Banking
Aug. 12, 2024
FDIC must face SVB suit for $2B
U.S. District Judge Beth Labson Freeman in San Jose was skeptical of the federal agency's argument that the bank's claims dealt with insurance coverage, which would deprive the court of jurisdiction.
The Federal Deposit Insurance Corp. cannot duck a lawsuit by Silicon Valley Bank claiming that the agency withheld nearly $2 billion in funds after the bank collapsed last spring in one of the largest bank failures in U.S. history.
Although the FDIC defeated most of Silicon Valley Bank's claims, U.S. District Judge Beth Labson Freeman in San Jose was not entirely convinced by the agency's argument that the bank's claims dealt with insurance coverage, which would depriv...
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