Class action suit filed against Silicon Valley Bank parent

FILE - A Silicon Valley Bank sign is shown in San Francisco, March 13, 2023. A class action lawsuit is being filed against the parent company of Silicon Valley Bank, its CEO and its chief financial officer, saying that company didn’t disclose the risks that future interest rate increases would have on its business. (AP Photo/Jeff Chiu, file)FILE - A Silicon Valley Bank sign is shown in San Francisco, March 13, 2023. The Biden administration’s move guaranteeing all Silicon Valley Bank’s deposits above the insured limit of $250,000 per account has brought relief to some. Venture capitalists set up their accounts at Silicon Valley Bank just as the tech industry started its boom and then advised the entrepreneurs that they funded to do the same.