Bill Hwang Seeks Evidence From Banks ‘Pivotal’ in Archegos Collapse

Archegos Capital Management’s Bill Hwang asked the judge in his criminal fraud case to let him demand evidence from Credit Suisse Group AG, Goldman Sachs Group Inc., Morgan Stanley and other big banks, saying they “played a pivotal role” in the firm’s implosion.

Hwang was charged last year with fraud over the collapse of Archegos, which at one point held market positions valued at $160 billion, according to prosecutors. The meltdown cost banks $10 billion. Hwang says documents from the banks, which acted as counterparties in swap transactions, “go to the crux” of his defense and should be presented to the jury.