雅虎香港財經 SVB sues FDIC to get back $1.9 billion seized during bank failure
The parent company of the failed Silicon Valley Bank is suing the Federal Deposit Insurance Corporation to recover $1.9 billion regulators seized from the lender in March.
SVB Financial Group said in a filing Sunday in US Bankruptcy Court that the FDIC hasn’t offered a "single" claim for why that money shouldn't be returned to the bank's parent company "despite numerous opportunities to do so."
Regulators seized Silicon Valley Bank on March 10 after depositors pulled $42 billion in one day, leaving the bank with a negative cash balance. SVB Financial filed for bankruptcy protection on March 17.
The FDIC pledged to cover all uninsured deposits at Silicon Valley Bank, citing a "systemic risk" exception. It initially estimated the bank's failure, the third-largest in US history, would cost the FDIC's insurance fund $16 billion.
"By refusing to pay the debtor the account Funds, the FDIC has violated, and is continuing to violate, both the bankruptcy code and the 'systemic risk exception,'" the SVB lawyers said in their filing Sunday.
By not returning those funds back to the bankruptcy estate, the FDIC is preventing the estate from reorganizing, they argued.
"The account funds should be generating more than $100 million in annual interest for the estate at current rates. Without immediate payment of the account funds, the debtor likely will have to obtain costly and uncertain debtor-in-possession financing."
The FDIC declined to comment on the lawsuit.
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