SVB Financial Moves to Spike $944 Million Cayman Branch Claims

A trust set up for SVB Financial Group urged a bankruptcy court to expunge $944 million in claims asserted by officials liquidating Silicon Valley Bank’s Cayman islands branch, saying the requests are untimely and improper.

The Cayman joint official liquidators lack good cause to maintain claims in SVB Financial’s Chapter 11 case that have shifted in nature and increased by hundreds of millions of dollars since a 2023 bar date, the trust for the former parent of shuttered Silicon Valley Bank said to the US Bankruptcy Court for the Southern District of New York in a filing Monday.

The requests ...