SVB Financial Group, the former parent of Silicon Valley Bank, has filed for Chapter 11 bankruptcy protection after the tech-reliant bank was shut down by regulators due to a run on the financial institution. The filing does not include Silicon Valley Bank, SVB Securities, SVB Capital's funds, or its general partner entities. The company, its CEO, and its chief financial officer were targeted this week in a class action lawsuit that claims the company didn’t disclose the risks of future interest rate increases. The FDIC is expected to provide more information in the coming days.
