Annual update on Silicon Valley Bank:
1. Here's the FDIC Complaint (breach of fiduciary duty and gross negligence) from a year ago: FDIC-Complaint.pdf. 34 page complaint, fun reading. $294 million dividend paid less than three months before the bank failure.
2. Those sued include CEO Greg Becker, CFO Daniel Beck, CCO Marc Cadieux, President and former CFO Michael Descheneaux, Treasurer Michael Kruse, Chief Risk Officer Laura Izurieta. Directors include Eric Benhamou, Roger Dunbar, Joel Friedman, Mary Miller, Kate Mitchell, Beverly Matthews, Garen Staglin, Elizabeth Burr, Richard Daniels, Alison Davis and Jeffrey Maggioncalda. All but Burr, Davis and Maggioncalda served on one or more of Asset Liability Committee, the Risk Committee, or the Finance Committee.
3. Bailey Glasser (of West Virginia/Wash DC) and ArentFox Schiff repping FDIC.
4. The circumstances surrounding former Chief Risk Officer Laura Iurieta several quarters before the bank's failure must be interesting.
5. Motion to dismiss lawsuit denied a few months ago.
6. A separate securities class action filed by SVB shareholders naming Becker, Beck, the SVB Directors and underwriters, the investment banks underwriting Silicon Valley Bank securities and the auditor, KPMG. Here's a link to the complaint: BERNSTEIN LITOWITZ BERGER and failed motions to dismiss: ORDER by Judge Noel Wise denying for Chandra Vanipenta v. SVB Financial Group et al :: Justia Dockets & Filings. KPMG filed request for reconsideration in July, 2025, also denied.
7. Becker appears to be using Orrick for his defense, Beck seems to be using Gibson Dunn, Cadieux using Morrison & Foerster, Descheneaux using Hogan Lovells, Kruse use Latham & Watkins, and Izurieta using Skadden. Directors appear to be using WilmerHale. SVB Financial Group using Sullivan & Cromwell.
8. Both litigations are active. Cases now in discovery phase. This is going to be a while. Buckle up...
Pretty good summary in here with quotes from near-insiders and some interesting photos:
Chasing yield was an inside joke at SVB—until the bank collapsed | Fortune
1. Here's the FDIC Complaint (breach of fiduciary duty and gross negligence) from a year ago: FDIC-Complaint.pdf. 34 page complaint, fun reading. $294 million dividend paid less than three months before the bank failure.
2. Those sued include CEO Greg Becker, CFO Daniel Beck, CCO Marc Cadieux, President and former CFO Michael Descheneaux, Treasurer Michael Kruse, Chief Risk Officer Laura Izurieta. Directors include Eric Benhamou, Roger Dunbar, Joel Friedman, Mary Miller, Kate Mitchell, Beverly Matthews, Garen Staglin, Elizabeth Burr, Richard Daniels, Alison Davis and Jeffrey Maggioncalda. All but Burr, Davis and Maggioncalda served on one or more of Asset Liability Committee, the Risk Committee, or the Finance Committee.
3. Bailey Glasser (of West Virginia/Wash DC) and ArentFox Schiff repping FDIC.
4. The circumstances surrounding former Chief Risk Officer Laura Iurieta several quarters before the bank's failure must be interesting.
5. Motion to dismiss lawsuit denied a few months ago.
6. A separate securities class action filed by SVB shareholders naming Becker, Beck, the SVB Directors and underwriters, the investment banks underwriting Silicon Valley Bank securities and the auditor, KPMG. Here's a link to the complaint: BERNSTEIN LITOWITZ BERGER and failed motions to dismiss: ORDER by Judge Noel Wise denying for Chandra Vanipenta v. SVB Financial Group et al :: Justia Dockets & Filings. KPMG filed request for reconsideration in July, 2025, also denied.
7. Becker appears to be using Orrick for his defense, Beck seems to be using Gibson Dunn, Cadieux using Morrison & Foerster, Descheneaux using Hogan Lovells, Kruse use Latham & Watkins, and Izurieta using Skadden. Directors appear to be using WilmerHale. SVB Financial Group using Sullivan & Cromwell.
8. Both litigations are active. Cases now in discovery phase. This is going to be a while. Buckle up...
Pretty good summary in here with quotes from near-insiders and some interesting photos:
Chasing yield was an inside joke at SVB—until the bank collapsed | Fortune
Audaces fortuna iuvat