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Pulaski Savings Bank of Chicago, Ill. has failed and was shut down by the Illinois Department of Financial and Professional Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver #MacroEdge
The FDIC is suing 17 former executives at Silicon Valley Bank for presiding over the bank’s abrupt collapse, which ranks as the third largest bank failure in U.S. history. — @kevinbtruong https://t.co/xdCgCvRG1V
FDIC Sues 17 Former Silicon Valley Bank Execs Over Collapse https://t.co/NTlNWeSeH5
The Federal Deposit Insurance Corporation (FDIC) has filed a lawsuit against 17 former executives of Silicon Valley Bank (SVB), alleging egregious mismanagement and negligence that contributed to the bank's collapse in 2023. This action follows a unanimous vote by the FDIC Board to pursue legal charges against the individuals involved. The lawsuit mirrors previous allegations made by the FDIC against SVB's officers and directors. The collapse of SVB is noted as the third largest bank failure in U.S. history, prompting the FDIC to step in to protect customer accounts during the crisis.
