The U.S. FDIC sues 17 former executives and Directors of Silicon Valley Banks for damages totaling billions of dollars.

According to a report by Reuters, the Federal Deposit Insurance Corporation (FDIC) has filed a lawsuit in the federal court in San Francisco as the bank's receiver, suing 17 former executives and Directors of Silicon Valley Bank (SVB). The lawsuit alleges gross negligence and breach of fiduciary duty, leading to SVB's collapse in March 2023, due to the disregard of basic standards of prudent banking and the bank's own risk policies, incurring excessive risks in pursuit of short-term profit growth, seeking billions of dollars in damages.

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Express News | The USA Federal Deposit Insurance Corporation has sued 17 former executives and Directors over the collapse of Silicon Valley Bank.

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