Are we surprised?
Roberto Wakerell-Cruz Mar 13, 2023
The lawsuit seeks unspecified damages for SVB investors between June 16, 2021, and March 10, 2023.
Shareholders of SVB Financial Group, the parent company of the now-defunct Silicon Valley Bank, filed a proposed class action lawsuit on Monday against the company and two top executives, accusing them of concealing information regarding interest rate increases and the impact they would have on the bank’s susceptibility to a bank run.
The lawsuit, filed in a San Jose federal court, is the first of its kind against the bank, with more expected, according to Reuters.
Silicon Valley Bank had $209 billion in assets and over $175 billion in deposits, making its failure concerning for other banks that cater to wealthy clients, including tech start-ups and venture capital-backed companies.
The lawsuit seeks unspecified damages for SVB investors between June 16, 2021 and March 10, 2023, Reuters reports.
Federal regulators said on Sunday that customers of the failed bank who have been unable to access their deposits after its seizure last week will, thanks to the feds, be able to access their cash as early as Monday.
“Today we are taking decisive actions to protect the US economy by strengthening public confidence in our banking system. This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth,” Federal officials said in a statement Sunday evening.
They said in that statement that taxpayers would not be footing the bill for the losses of the bank.
Uh….the government does not earn money……doesn’t sell a product…..where is the $$$ coming from to make the depositors whole????? Taxpayers at some point.
“Federal officials said” … if those ‘officials’ are in *this* installed woke-tard appointed administration we should trust them about as far as they’ll walk in our shoes, like THAT’S gonna happen. F**k that.
They think YOU are completely stupid, as if the BAILOUT money for those elite bankers won’t be coming from US, the TAXPAYERS — directly or indirectly (newly printed fiat money).
Speaking of walking … their last walk to the gallows should be, in this order: broken glass, high content salt solution then hot coals.
That will be an act of humane empathy (elite sociopaths have no clue what that is) to take their minds off the fact they are traitors who will be shitting themselves when they’re hung by their necks until they are dead.
NCSWIC
I love it when you talk so sweetly… 😉