A federal judge ruled that SVB Financial Group, Silicon Valley Bank’s former parent, cannot pursue its $1.7 billion claim against the FDIC. The decision cites executives’ breaches of fiduciary duties involving the bank’s interest-rate and liquidity risks and includes findings about executives’ knowledge of those breaches.
SVB Financial Group completes the sale of its investment banking business, SVB Securities LLC, to a management team bidder group led by Jeff Leerink. The business is now named Leerink Partners LLC, and the buyer group is backed by funds managed by The Baupost Group L.L.C.
SVB Securities' management team, led by CEO and founder Jeff Leerink and backed by Baupost Group funds, signs a definitive agreement to buy the investment banking business from SVB Financial Group. The firm plans to rebrand as Leerink Partners, subject to court and regulatory approval and customary closing conditions.
