(NEWSnet/AP) — The parent of Silicon Valley Bank, seized last week by the U.S., is filing for Chapter 11 bankruptcy protection.

SVB Financial Group, along with its CEO and its chief financial officer, were targeted this week in a class action lawsuit that claims the company didn’t disclose the risks that future interest rate increases would have on its business.

SVB Financial Group is no longer affiliated with Silicon Valley Bank after its seizure by the Federal Deposit Insurance Corp.

The company says filing for bankruptcy will allow them to preserve value as it looks for alternatives for its businesses and assets. 

SVB Financial Group believes it has approximately $2.2 billion of liquidity. The Santa Clara, California-based company said it also has other valuable investment securities accounts it's exploring strategic options for.

Copyright 2023 NEWSnet and The Associated Press. All rights reserved.