![]() regulators.įinancial stocks have lost billions of dollars in value after the collapses of SVB and Signature Bank, which saw nervous depositors flee to larger 'too-big-to-fail' institutions. On March 17, SVB Financial Group filed for a court-supervised reorganization under Chapter 11 bankruptcy protection to seek buyers for its assets, days after its former unit Silicon Valley Bank was taken over by U.S. District Court for the Northern District of California. The plaintiffs seek unspecified damages in the lawsuit, which was filed on April 7 in the U.S. The plaintiffs allege offer documents contained material misstatements and omissions, Goldman said in the filing. Goldman was also among the underwriters named as defendants in a securities class action lawsuit related to several SVB share offerings in 20, it said in a regulatory filing. These plaintiffs have the resources to hire an attorney and obtain restitution by filing the legal action as a group. The Wall Street bank acquired a bond portfolio on which SVB booked a $1.8 billion loss, a transaction that preceded a failed SVB share sale where Goldman was an underwriter. Class action lawsuits are appropriate when the damages claimed by each plaintiffthe person who's alleging wrongdoingare too small for individual claims to be worthwhile. Goldman was involved in key events before SVB's downfall in that month. ![]() The Wall Street bank is "cooperating with and providing information to various governmental bodies in connection with their investigations and inquiries" into SVB, including the two companies' dealings in March. Sometimes unfairly tagged as being frivolous, class actions can often be serious legal challenges, highlighting wrongdoing on the part of a company. May 4 (Reuters) - Goldman Sachs Group Inc (GS.N) said in a filing on Thursday it is cooperating with government probes into collapsed Silicon Valley Bank. Class action lawsuits are a type of legal case where one claimant represents a wider group (the class) in litigation against an individual or company, usually the latter.
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