The U.S. Consumer Financial Protection Bureau (CFPB) has dismissed a lawsuit against Vanderbilt Mortgage and Finance, a subsidiary of Berkshire Hathaway, which was accused of leading borrowers into unaffordable home loans. The CFPB's decision follows a broader trend, as it also dropped enforcement actions against other entities, including Trans Union. Meanwhile, in a separate legal matter, a federal judge in California has ruled that the Federal Deposit Insurance Corporation (FDIC) must face a lawsuit from SVB Financial Group, which seeks to recover $1.93 billion in deposits seized after the collapse of Silicon Valley Bank in March 2023. This lawsuit alleges misconduct by the FDIC during the bank's closure, which reportedly caused significant losses for SVB Financial.
The FDIC has been ordered to face a lawsuit filed by SVB Financial Group, which is seeking $1.9 billion in damages. The lawsuit alleges misconduct by the FDIC in its handling of the closure of a bank that caused significant losses for SVB Financial. $NDXP
A federal judge in California has ruled that the FDIC must face a lawsuit seeking the return of $1.93 billion seized after the collapse of Silicon Valley Bank in 2023 https://t.co/m5fSUStAzt
The private lawsuit brought by a former shareholder against the President and CEO of an Oklahoma bank that failed last year has been voluntarily dismissed, apparently to avoid getting in the way of an FDIC investigation. [last docket entry here: https://t.co/AfptvE4xKV] https://t.co/HtNHa17fn7 https://t.co/Vs9Et1ABOr