Norges Bank Investment Management (NBIM), manager of Norway’s $2.3 trillion sovereign wealth fund, announced a $224.5 million settlement with KPMG LLP in a class‑action lawsuit stemming from Silicon Valley Bank’s March 2023 collapse. The bank failed after a $42 billion run, prompting regulators to close it. NBIM co‑led the action with Swedish pension fund Sjunde AP‑fonden, alleging misrepresentations by SVB’s executives, directors, advisors and auditor.
KPMG called the deal a strategic business decision, denying any admission of fault, and affirmed confidence in its audit work. NBIM CEO Nicolai Tangen described the settlement as an initial step toward recovering losses from “one of the largest bank failures in U.S. history.” The agreement requires court approval, while claims against other defendants continue. The case highlights the fallout from SVB’s rapid demise and the pursuit of accountability from key financial players.
Source: Wall Street Journal Markets · Summarized by HeadlinesBriefing