MUFG - Justice Department starts antitrust probe into Archegos's banks - Bloomberg

The U.S. Department of Justice's antitrust unit is handling at least part of the investigation into the collapse of Bill Hwang's family office after its lenders liquidated Archegos's derivatives bets that went bad, Bloomberg reports, citing people familiar with the matter.The antitrust investigators are looking at Hwang's biggest lenders, who had reportedly discussed possibly working together to unwind their Archegos exposure and cut ties with the collapsed firm, the people told Bloomberg.Archegos was forced to liquidate and sell more than $20B in stocks in late March after leveraged bets it made on ViacomCBS, Discovery, Baidu, and GSX Techedu had soured.Bloomberg had reported in May that the DOJ was investigating the Archegos collapse, but at that time, didn't say the antitrust division was involved.Banks ended up absorbing more than $10B in losses, with Credit Suisse (CS) taking the biggest hit at ~$5.5B. Nomura (NMR) warned of ~$2.85B loss, Morgan Stanley (MS)

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Justice Department starts antitrust probe into Archegos's banks - Bloomberg