Reported about 23 hours ago
The FDIC has filed a lawsuit against 17 former executives and directors of Silicon Valley Bank, claiming their gross negligence and breaches of fiduciary duty caused the bank's collapse in March 2023. The lawsuit alleges they ignored prudent banking standards and took excessive risks to boost short-term profits, leading to significant financial losses and the bank's eventual failure, which shocked financial markets and disrupted many technology startups relying on the bank.
Source: YAHOO