Goldman, Morgan Stanley win dismissal of lawsuits over Archegos collapse [Reuters]
Goldman Sachs Group, Inc. (The) (GS)
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Source: Reuters
REUTERS/Shannon Stapleton/File Photo NEW YORK, March 28 (Reuters) - A U.S. judge on Thursday dismissed seven lawsuits by investors who accused Goldman Sachs Group Inc (GS.N) , opens new tab and Morgan Stanley (MS.N) , opens new tab of misconduct that fueled the rapid March 2021 collapse of Bill Hwang's $36 billion firm Archegos Capital Management. U.S. District Judge Jed Rakoff in Manhattan dismissed the investors' market manipulation and insider trading claims with prejudice, meaning they cannot be brought again. A different judge had dismissed the lawsuits last March, but let the investors sue Goldman and Morgan Stanley again. The Wall Street banks had been two of Archegos' prime brokers. Archegos' collapse stemmed from Hwang's use of financial contracts known as total return swaps to take outsized stakes in his favorite holdings including ViacomCBS, Discovery and Baidu , building an estimated $160 billion of stock exposure. Investors in Hwang's stocks sought to hold Goldm
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Sec Filings
- 4/26/24 - Form 424B2
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- 4/26/24 - Form 485BPOS
- GS's page on the SEC website