First-Citizens Bank and Trust Company v. HSBC Holdings plc
Opinion
Trial Court Opinion
UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF CALIFORNIA San Francisco Division FIRST-CITIZENS BANK AND TRUST Case No. 3:23-cv-02483-LB
COMPANY,
ORDER DISMISSING CLAIMS TWO Plaintiff, THROUGH SEVEN AND TEN (BUT NOT CLAIM ONE) v. Re: ECF No. 81 HSBC HOLDINGS PLC, et al., 16 Defendants. 17 INTRODUCTION AND STATEMENT Silicon Valley Bank (SVB) collapsed on March 10, 2023, following a run on its deposits by its customers. The FDIC assumed control of the bank and on March 27 sold SVB assets to First Citizens. SVB UK collapsed too: the Bank of England seized its assets and on March 13 sold SVB UK to HSBC UK Bank plc (HBUK).1 On April 9 (Easter Sunday), starting at 9 p.m., more than forty former SVB employees submitted their resignations by email to First Citizens and began work at HSBC Bank USA, N.A. (HBUS). First Citizens sued six former SVB employees (Sunita Patel, Melissa Stepanis, Peter…