KPMG Reaches SVB Class Action Settlement
Norway's sovereign wealth fund announced a 224.5 million dollar settlement with KPMG over the Silicon Valley Bank collapse. The deal aims to recover investor losses from the 2023 banking failure while litigation continues against other defendants.
Norway's sovereign wealth fund secured a $224.5M settlement with external auditor KPMG LLP on Friday afternoon in the investor class action over Silicon Valley Bank. The collapse in March 2023 triggered the worst banking shock since the 2008 global financial crisis. The recovery represents an early milestone in recouping losses from one of the largest bank failures in United States history.
