The parent company of Silicon Valley Bank filed for Chapter 11 bankruptcy protection Friday, a week after the tech-focused bank failed in a sudden collapse that set off fears of wider problems in the global banking system.
The filing from SVB Financial Group was widely expected, with much of the company now under the control of banking regulators. The bank was seized last week by the federal government.
In other developments, the bank, its CEO and its chief financial officer were targeted in a class action lawsuit that claims the company did not disclose the risks that future interest rate increases would have on its business.
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