Norges Bank Investment Management, as Co-Lead Plaintiff, announces $224.5 million settlement with KPMG LLP in Silicon Valley Bank investor class action.
Norges Bank Investment Management and the Swedish pension fund Sjunde AP-fonden (AP7), as Co-Lead Plaintiffs, have reached a settlement in principle of $224.5 million with KPMG LLP, the former external auditor of Silicon Valley Bank (SVB), on behalf of the class of investors in the U.S. securities class action arising from the bank’s collapse in March 2023.
The fund and other SVB investors suffered significant losses on their investments in SVB securities.
“The settlement is an important first step toward recovering investor losses from one of the largest bank failures in U.S. history. It was reached after more than three years of litigation that has helped strengthen legal protections for investors. Investor confidence depends on well-functioning markets and on investors’ ability to enforce their rights”, says Nicolai Tangen, CEO of Norges Bank Investment Management.
The settlement is subject to court approval. The case continues against the other defendants.
Line Aaltvedt
Head of Communications
Cell phone: (+47) 94 85 46 56
Email: press@nbim.no
