KPMG Agrees To Pay $224.5 Million

To Settle SVB Securities Class Action

The Case

In re SVB Financial Group Securities Litigation, No. 5:23-cv-01097-NW, is pending before Judge Noël Wise in the U.S. District Court for the Northern District of California. The lead plaintiffs are Asbestos Workers Philadelphia Welfare and Pension Fund, Heat & Frost Insulators Local 12 Funds, Norges Bank and Sjunde AP-Fonden. KPMG LLP, SVB’s auditor, is one of the defendants.

Fideres’s Role

Fideres supported the plaintiffs, with Dr. Matthew D. Cain serving as the testifying expert.

Outcome

On October 6, 2026, the lead plaintiffs notified the court of a settlement-in-principle with KPMG, and the settlement amount is $224.5 million. Two days later, Judge Wise vacated the dates set for KPMG. Court approval is still required.
Class certification proceedings against the underwriter defendants continue in the same case.