"SVB Financial Trust Wins Dismissal of $944 Million Claims from Cayman Islands Liquidators"

"SVB Financial Trust successfully dismissed over $944 million in claims from the liquidators of Silicon Valley Bank's Cayman Islands branch. The ruling, made by Chief Judge Martin Glenn of the U.S. Bankruptcy Court, determined that the liquidators lacked standing and their claims were time-barred. This decision follows the bank's receivership by the FDIC in March 2023 and SVB Financial Group's Chapter 11 bankruptcy filing. The court found that the liquidators were not authorized to act on behalf of the Cayman creditors in U.S. proceedings."

The law firm Sullivan & Cromwell LLP (S&C) represented SVB Financial Trust in a significant legal matter involving claims brought by the liquidators of Silicon Valley Bank’s Cayman Islands branch. In this transaction, SVB Financial Trust successfully obtained a ruling from Chief Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York, dismissing over $944 million in claims and adversary proceedings initiated by the Cayman Islands branch liquidators. The court determined that the liquidators lacked standing and that their claims were time barred. This ruling followed a two-day evidentiary trial and extensive briefing over an 18-month period, occurring after Silicon Valley Bank was placed into receivership by the Federal Deposit Insurance Corporation in March 2023 and SVB Financial Group filed for Chapter 11 bankruptcy. The S&C team that represented SVB Financial Trust included the following lawyers: James Bromley, Adam Paris, Christian Jensen, Matthew Souza, and Caleb Downs. Their specific seniority and practice areas were not detailed in the press release.

"SVB Financial Trust Wins Dismissal of $944 Million Claims from Cayman Islands Liquidators"

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