KPMG, Underwriters, Leaders Stay in Silicon Valley Bank Suit (1)

Silicon Valley Bank Financial Group’s auditor, KPMG LLP, along with its underwriters and a number of former executives and directors, must continue to defend themselves in a proposed securities class action over the bank’s collapse.

The investors suing KPMG, underwriters including Goldman Sachs & Co., and others adequately alleged their claims under the Securities Act and the Securities Exchange Act, Judge Noël Wise said June 13 for the US District Court for the Northern District of California. Wise denied three separate requests for dismissal in her ruling.

The investors alleged the market was focused on SVB’s management of ...