Silicon Valley Bank KPMG settlement, Digi Mart USA News: An investor group led by Norway’s sovereign wealth fund, the Government Pension Fund Global, has secured a settlement following the second-largest bank collapse in U.S. history.
Under the agreement with the audit firm KPMG, the group will receive $224.5 million, equivalent to 2.1 billion Norwegian kroner.
The settlement with Silicon Valley Bank’s former external auditor must be approved by the court, according to Norges Bank Investment Management (NBIM), which manages the fund, in a press release issued Friday.
Silicon Valley Bank collapsed during the banking turmoil in March 2023.
NBIM and the Swedish pension fund AP7 entered the settlement as representatives of the investor group in the lawsuit. Silicon Valley Bank (SVB) collapsed in March 2023.
