Breaking: Goldman Sachs, KPMG Sued Over SVB Collapse

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Crypto News: The global banking crisis triggered by the collapse of Crypto friendly Silicon Valley Bank (SVB) has left industry biggies in legal trouble. KPMG LLP as SVB’s auditor with underwriters involving Goldman Sachs Group Inc, Morgan Stanley & Co. and Bank of America Corp has been reportedly sued for making misleading statements resulting in the SVB crash.

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Silicon Valley Bank Collapse Enters Court

According to a complaint filed in the San Francisco Federal court has targeted the Silicon Valley Bank’s bank auditors and underwriters. It mentioned SVB CEO Greg Becker and other bank executives as defendants.

It mentioned that the defendants misrepresented SVB’s balance sheet strength, liquidity and position established in the market. While the executives, auditor, and underwriters allegedly concealed the magnitude of the risk the bank was facing. Read More Crypto News Here…

Bloomberg reported that KPMG, Goldman Sachs, Bank of America, Morgan Stanley and other defendants haven’t commented on the matter till now. However, as per lawsuit claims underwriters issued misleading registration comments on the bank’s stock offering which lead to its collapse. It mentioned that those statements were untrue facts

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