SVB Financial sues US FDIC to recover $1.93 billion

sign for Silicon Valley Bank (SVB) headquarters is seen in Santa Clara, California, U.S. March 10, 2023. Credit: Reuters Photo

SVB Financial Group, which formerly owned bankrupt Silicon Valley Bank has sued the US Federal Deposit Insurance (FDIC) Corporation in a bid to recover $1.93 billion, according to a court filing on Sunday.

SVB Financial owned Silicon Valley Bank before it was seized by the regulator in March, and the firm is attempting to sell its remaining assets in bankruptcy.

FDIC did not immediately respond to a Reuters request for comment.