Legal
More Archegos Employees to Join Banks Seeking Money From Hwang
- Staff lost pay, bonuses when Hwang family office collapsed
- Judge already gave five workers’ claims priority over banks
Bill Hwang at federal court in New York on Nov. 20, 2024.
Photographer: Yuki Iwamura/BloombergThis article is for subscribers only.
More former Archegos Capital Management employees want to seek lost salaries and bonuses from ex-boss Bill Hwang, who is being ordered to pay financial restitution after he was sentenced to 18 years in prison for fraud and market manipulation.
“Multiple former Archegos employees” are seeking to join five who’ve already been awarded $10 million, Manhattan federal prosecutors said in a Wednesday court filing. The judge has given those five priority over banks to which Hwang owes $9.4 billion.