SVB Financial Sues FDIC to Recover $2 Billion in Seized Deposits

Silicon Valley Bank’s former parent has sued the Federal Deposit Insurance Corp. to recover roughly $2 billion seized by the agency when the bank collapsed in March.

• The complaint filed Sunday in bankruptcy court in Manhattan advances an existing dispute between the FDIC and bankrupt SVB Financial Group, which has argued since filing bankruptcy it needs access to roughly $1.9 billion in seized accounts to repay bondholders and other creditors
• SVB Financial Group said the funds at issue in the complaint should generate about $100 million in annual interest and that without immediate payment of the disputed funds ...