New Delhi: After the sinking of Silicon Valley Bank, one of the big banks of America, people are talking about its reasons, its reason. At the same time, investors are holding the CEO of the parent company of the bank responsible for the ruin of this bank. Angry investors have filed a case against the CEO of the bank. Shareholders of America’s Silicon Valley Bank (SVB), the parent company, have filed a collective lawsuit against its Chief Executive Officer (CEO) Greer Baker and Chief Financial Officer (CFO) Daniels Beck. It added that the company did not disclose the risks that future interest rate hikes would pose to its business. Describing his decision as foolish, the investors have filed a case of fraud against him. The shareholders are holding him responsible for the condition of the bank. The shareholders have collectively demanded an inquiry by registering a case against both of them. Shareholders allege that Greg Baker withheld information, which resulted in huge losses for them.
A class action lawsuit against SVB Financial Group, CEO Greg Baker, and CFO Daniel Beck has been filed in the District Court of California. In this, compensation has been demanded to be given to those who invested in SVB between June 16, 2021 and March 10, 2023. The lawsuit, filed by shareholders led by Chandra Veneventa, said some of SVB’s quarterly and annual financial reports ignored the Federal Reserve’s clear warnings about interest rate hikes.
Story of SVB bank ruin: The man whose one mistake drowned America’s strong bank, worldwide outcry
