Archegos Capital Management, a hedge fund that collapsed earlier this year and cost multiple big banks billions of dollars, is reportedly the subject of an investigation launched by the Department of Justice.
Archegos owner Bill Hwang reportedly lost $8 billion over two weeks in March, when risky bets on ViacomCBS and several other stocks soured. The massive stock sell-off that followed caused billions in losses for some of Archegos’ largest lenders, most prominently Credit Suisse, which reported it lost $4.7 billion.
