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The US Department of Justice (DOJ) is intensifying its criminal investigation into banks that suffered significant losses from the collapse of Bill Hwang's investment firm, Archegos Capital Management. The probe aims to determine whether these banks colluded while unwinding Archegos' bets, involving a $36 billion liquidation. This development comes just months after the DOJ secured a conviction against Hwang for deceiving these financial institutions. Banks such as Nomura, Morgan Stanley, UBS, Deutsche Bank, and Goldman Sachs are reportedly under scrutiny.
Record wagers tied to the Fed’s expected rate cut risk sharp losses. Legal scrutiny of banks that lost big on the Archegos collapse ramps up. Steve Cohen is stepping away from the trading floor. https://t.co/2CUEMvGUOe
Justice Department probing banks for alleged collusion in $36B Archegos liquidation: report https://t.co/MmwdPKRSIV https://t.co/STy0K12jZ3
The Archegos disaster isn't over yet for banks as the feds reportedly revive criminal antitrust probe https://t.co/sNhrz3mi1t
