FDIC Sues Ex-SVB Executives for Billions Over Bank’s Collapse

The Federal Deposit Insurance Corp. sued more than a dozen former Silicon Valley Bank executives for “egregious mismanagement” and negligence that allegedly led to the bank’s dramatic collapse in 2023 before the agency stepped in to backstop customer accounts.

Former Chief Executive Officer Gregory Becker and ex-chief financial officer Daniel Beck, among others, “ignored fundamental standards of prudent banking” and pursued short-term profit for Silicon Valley Bank’s parent, SVB Financial Group, the FDIC said in a complaint filed Thursday in a California federal court.

The suit comes almost two years after the collapse of SVB, which had assets ...