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As the effects of the demise of Silicon Valley Bank (SVB) continue to ripple through the tech start-up world, in the most recent development, shareholders have brought suit against the SVB financial group and top executives of the bank for not revealing how the rise in interest rates could impact the bank’s business which made it susceptible to a bank run.
The lawsuit is the first among many that can be filed over the collapse of the bank and takes on Silicon Valley Bank’s parent company, Chief Executive Greg Becker, and Chief Financial Officer Daniel Beck. The class action suit has
