Archegos Employees Entitled to $33 Million, Judge Says

A federal judge ruled that a group of former Archegos Capital Management employees, including an analyst who worked closely with founder Bill Hwang, are owed $33 million for losses they suffered when the firm collapsed.

The Wednesday order by US District Judge Alvin Hellerstein puts the 39 ex-Archegos staffers first in line for compensation from Hwang and the firm’s former chief financial officer, Patrick Halligan, who were both convicted of fraud last year.