KPMG agrees to $224.5 million settlement in Silicon Valley Bank case

SVB’s collapse in March 2023 triggered the worst banking shock since the 2008 global financial crisis and hit bank stocks worldwide. The Norwegian fund said the case raised significant concerns about public-market integrity, governance at large financial institutions and the broader interests of investors.

“The settlement is an important first step toward recovering investor losses from one of the largest bank failures in US history,” fund CEO Nicolai Tangen said in a statement.

The fund invests Norway’s surplus oil and gas revenue abroad. It is the world’s largest single stock market investor, with stakes in more than 7,000 companies and ownership of about 1.5% of all globally listed shares. It held a 1% stake in SVB at the end of 2022, valued at $137.9 million, according to the fund’s website.