Bill Hwang and Archegos Capital Management failed to win dismissal of civil market manipulation claims by the US Securities and Exchange Commission.
(Bloomberg) — Bill Hwang and Archegos Capital Management failed to win dismissal of civil market manipulation claims by the US Securities and Exchange Commission.
US District Judge J. Paul Oetken on Tuesday declined to dismiss the case again Hwang and Archegos but narrowed the SEC’s claims against former Archegos Chief Financial Officer Patrick Halligan.
Hwang and Halligan face related criminal charges. Hwang was arrested April 27 and charged with fraud over the collapse of Archegos, which at one point held market positions valued at $160 billion, according to prosecutors. The implosion cost banks $10 billion and contributed to the downward spiral at Credit Suisse Group AG.
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