Investment Banking

Sovereign wealth giant pursues Goldman Sachs, KPMG and others over SVB collapse

Norway’s fund, Norges, says more than $24bn in market value was destroyed, in filing for class-action lawsuit

Silicon Valley Bank's collapse was one of the biggest bank failures in US history
Silicon Valley Bank's collapse was one of the biggest bank failures in US history Photo: John Brecher/Getty Images

The world’s largest sovereign wealth fund is going after the now-defunct Silicon Valley Bank, its management and the Wall Street advisers that aided its rise.

Norges Bank Investment Management, which manages Norway’s $1.5tn wealth fund, and other former SVB shareholders attacked the failed bank in a legal filing late on 16 January. The filing accused SVB and its executives of concealing the lender’s ailing health from public view, while also ignoring warnings about risks from rising interest rates.

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