SVB Financial Group and the federal regulator that closed its Silicon Valley Bank unit indicated at a bankruptcy court hearing on Tuesday that a fight is looming over $2 billion of the former parent company's cash that was seized along with the lender.
Kurt Gwynne, an attorney for the FDIC as receiver for Silicon Valley Bank, disputed at Tuesday's hearing that regulators had done anything improper. He also said there may be fights over the money SBF Financial had on deposit at the bank.
Destroyed SVB logo is seen in this illustration taken March 13, 2023. REUTERS/Dado Ruvic/Illustration/File Photo While SVB Financial lost access to around $2 billion, it still has access to over $180 million in accounts at other banks. Glenn said he was prepared to allow SVB Financial to use up to $100 million for investment activity.
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