Apparently, a group of shareholders has filed a lawsuit against the parent company of Silicon Valley Bank and some of its executives in the midst of the unfolding crisis.
Multiple news outlets reported on March 13 that many Silicon Valley Bank shareholders were alleging fraud by the bank, CEO Greg Becker and CFO Daniel Beck. The lawsuit would likely be one of the first filed in court since California regulators shut down the bank on March 10, prompting USD Coin (USDC) to temporarily de-peg from the dollar amid reports that Circle had more than $3 billion of stablecoin reserves at the financial institution.
Shareholders allegedly alleged that SVB, Becker and Beck withheld information about the company’s interest rates, making it “particularly susceptible” to a bank run.
This is a developing story, and more information will be added as it becomes available.
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