Norway Fund Settles SVB Suit With KPMG for $224.5M
The Norwegian sovereign wealth fund's settlement with KPMG LLP resolves claims tied to Silicon Valley Bank's collapse in the investor class action.
Updated on Nov. 6, 2026 in Financial Services
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Norway's sovereign wealth fund has reached a $224.5 million settlement with KPMG LLP, an external auditor of Silicon Valley Bank, in the investor class action over the bank's collapse. The case continues against other defendants.
Why it matters
The settlement is one of the notable recoveries in litigation stemming from SVB's failure in March 2023, which triggered the worst banking shock since the 2008 global financial crisis. It shows investors pursuing accountability beyond the bank itself, including the firms that audited it.
The $224.5 million KPMG settlement is set against the fund's 1% stake in SVB, which was valued at $137.9 million at the end of 2022. Claims against other defendants in the same investor class action remain pending.
The players
Norway's sovereign wealth fund
The fund invests Norway's surplus oil and gas revenue abroad and is the world's biggest single stock market investor, with stakes in more than 7,000 companies.
KPMG LLP
KPMG is a global professional services firm that served as an external auditor of Silicon Valley Bank before the bank's collapse.
The details
Norway's sovereign wealth fund, which invests the country's surplus oil and gas revenue abroad, agreed to the settlement with KPMG LLP in the investor class action over Silicon Valley Bank's collapse. The fund is the world's largest single stock market investor, owning about 1.5% of all globally listed shares across more than 7,000 companies.
Timeline
March 2023: Silicon Valley Bank collapsed, triggering the worst banking shock since the 2008 global financial crisis.
End of 2022: The Norwegian fund held a 1% stake in SVB valued at $137.9 million.
November 6, 2026: The Norwegian fund announced the $224.5 million settlement with KPMG.
Market Landscape
SVB's failure is the largest banking shock since the 2008 financial crisis, and this settlement extends accountability past the bank to its outside auditor. It positions institutional investors as active litigants in the aftermath of that collapse.
Investors who held shares in Silicon Valley Bank or who were class members in the SVB investor action may be affected by how the settlement and remaining claims are resolved. The case against other defendants is still pending, so further recoveries remain possible.
The takeaway
Large institutional investors can pursue claims against a failed bank's auditors as well as the bank itself. Tracking settlements in the SVB litigation shows how financial-collapse accountability can extend beyond the original defendant.
Further reading
Explore more Financial Services coverage tied to the collapse of Silicon Valley Bank and its aftermath.
Source note: This article includes information reported by Global Banking & Finance Review.
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