Banks Continue to Take Back Seat to Employees in Archegos Restitution

Multiple former Archegos employees are looking to receive compensation for the demise of Archegos Capital Management, joining the first five that have been awarded over $10 million before bank claims.

Bill Hwang, the former head of the business, owes banks about $9.4 billion, which will likely never be paid. Hwang faces more than 18 years in prison.

American bank Morgan Stanley joins global powerhouses Nomura and Credit Suisse as well as smaller institutions seeking some compensation.

The additional workers are working with prosecutors in stating the case for compensation before the financial institutions.

The scandal had a major impact on the fall of Credit Suisse.