Archegos Collapse: Goldman Sachs, Morgan Stanley win dismissal of lawsuits
Archegos' collapse stemmed from Hwang's use of financial contracts known as total return swaps to take outsized stakes in his favorite holdings including ViacomCBS, Discovery and Baidu , building an estimated $160 billion of stock exposure.
Archegos' collapse caused billions of dollars in losses for banks such as Credit Suisse, which was later bought by Swiss rival UBS, and Japan's Nomura Holdings. | Image: Reuters