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SVB Financial Group (OTC:SIVBQ) filed a lawsuit against the regulator U.S. Federal Deposit Insurance Corporation (FDIC) for retrieving $1.93 billion.
The regulator seized the amount during the takeover of the Silicon Valley Bank in March, reported Reuters, citing a filing in a bankruptcy court.
Notably, the FDIC assessed that SIVBQ's failure reduced its insurance fund by $16 billion and stated that it could legally hold the seized funds while ascertaining SIVBQ's share of the rescue expenses.
As per the report, SIVBQ faced reorganization-related hindrances due to a lack of funds. The bank added that the obtainment of money would have led to annual interest of over $100 million.
Earlier, a U.S. bankruptcy judge had ordered the FDIC to return $10 million in seized tax refund checks to SVB Financial.
Price Action: SIVBQ shares closed higher by 4.01% at $0.5315 on Friday.
Posted In: SIVBQ
