Parent company of Silicon Valley Bank files for bankruptcy
The parent company of Silicon Valley Bank has filed for Chapter 11 bankruptcy protection. The move comes a week after the tech-focused bank failed in a sudden collapse that set off fears of wider problems in the global banking system. The filing on Friday from SVB Financial Group was widely expected. Much of the company is now under the control of banking regulators. The bank was seized last week by the federal government. In other developments, the bank and two of its executives were targeted in a class action lawsuit that claims the company did not disclose the risks that future interest rate increases would have on its business.
