The Teachers Insurance and Annuity Association of America (TIAA) recently filed a lawsuit against several former executives of the collapsed Silicon Valley Bank, including ex-CEO Gregory Becker and ex-CFO Daniel Beck, as reported by CFO Dive.
The TIAA alleges that Becker, Beck, and other members of the bank's leadership failed to manage the interest rate risks relating to its investments and concealed this lack of risk controls from investors. "SVB did not have a credible line of defense framework, the sine qua non of risk management for any banking organization, nor did it have in place up-to-date plans for contingency funding in times of stress or policies for managing interest rate risk," the complaint reads.
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