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Article: Litigation fever makes SVB feel ill.
- Article from:
- Daily Mail (London)
- Article date:
- August 24, 2001
CopyrightCOPYRIGHT 2001 Solo Syndication Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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A WAVE of lawsuits against directors and top executives submerged shares of SVB Holdings, which runs a Lloyd's insurance agency specialising in professional liability.
SVB slumped 64p to 92p,wiping [pound]124m off its market value as it warned of [pound]33m losses.
As a result, SVB is losing its 'B' - underwriter Stephen Burnhope, a cofounder, leaves immediately. He will get up to [pound]300,000 payoff under ...