KPMG Agrees to $224.5 Million Silicon Valley Bank Settlement

Norges Bank Investment Management and the Swedish pension fund Sjunde AP-fonden reached a $224.5 million settlement in principle with KPMG LLP to resolve a class action lawsuit. The legal action followed the March 2023 collapse of Silicon Valley Bank, which occurred after a $42 billion bank run prompted regulators to close the institution.

Norges Bank Investment Management, which manages Norway's $2.3 trillion sovereign-wealth fund, alleged that investors suffered significant losses because of misrepresentations regarding risk management and financial conditions. These misrepresentations were attributed to the former executives, directors, financial advisors, and the outside auditor of Silicon Valley Bank.