The SVB finance group (SIVBQ.PK) is suing the U.S. Federal Deposit Insurance Corporation (FDIC) to recover $1.93 billion from the regulator it seized during its takeover of the bankrupt Silicon Valley Bank in March, according to a filing filed in bankruptcy court on Sunday.
SVB Financial owned Silicon Valley Bank before it was taken over by the regulator in March, and the company is trying to sell its remaining assets in bankruptcy.
In its criticism, SVB Financial said the FDIC said it had claims against the company to justify its refusal to pay, but had not identified a single claim “despite many possibilities.”
The corporate said the FDIC violated bankruptcy laws by transferring funds and refusing to comply with SVB Financial’s demand for payment.
The FDIC didn’t immediately respond to a Reuters request for comment.