If your financial advisor recommended Silicon Valley Bank perpetual preferred stock you may be able to recover some or all of your losses. The Financial industry Regulatory Authority or “FINRA” offers a dispute resolution forum where investors can file claims in arbitration against their financial advisors who may have sold them unsuitable investments. Many seniors and retirees were invested in financial instruments such as perpetual preferred shares which have no end date but are callable by the issuer which make them highly sensitive to interest rate hike risks and may not be as safe and stable as brokers claim them to be.
SVB perpetual preferred stock is now in default and may not ever pay back any of the shareholders and SVB perpetual preferred are not at the top of the creditor hierarchy in determining who gets paid back first out of the bankruptcy.
SVB Financial Group is offering 750,000 depositary shares (the “DepositaryShares”), each of which represents a 1/100th ownership interest in a share of our Series B Non Cumulative Perpetual Preferred Stock, with a liquidation amount of $100,000 per share (“Series B Preferred Stock”).
This stock may appear on your statement as this:
SVB FINANCIAL GRP 50,000 57.2320 28,616.00 N/A 2,050 7.16
FX/FLT JR SUBORDINATED
PERP CALLABLE
CPN 4.100% DUE 12/31/59
DTD 02/02/21 FC 05/15/21
CALL 02/15/31 @ 100.000
Moody BAA2 , S&P BB
CUSIP 78486QAG6
For a link to the prospectus of SVB Perpetual preferred click here:
If you or a loved on lost money in highly concentrated positions in bank preferred or SVB Perpetual Preferred call the Securities Lawyers at Soreide Law Group for a free consultation at 1-888-760-6552.
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