Jurors to be chosen in Bill Hwang's trial over Archegos collapse

NEW YORK - Jury selection is expected to wrap up Thursday in the criminal racketeering trial of Sung Kook "Bill" Hwang over the 2021 collapse of his $36 billion fund Archegos Capital Management, setting the stage for opening statements and witness testimony next week.

The trial will delve into the implosion of Hwang's lightly regulated family investment office Archegos, which prosecutors allege caused more than $100 billion in shareholder losses at companies in its portfolio. Falling stock prices in March 2021 triggered margin calls that Archegos was unable to meet. That, in turn, led some banks to dump the stocks backing his swaps, causing big losses for Archegos and its lenders, such as Credit Suisse, now part of UBS, and

The two men have pleaded not guilty and are expected to argue prosecutors are pushing a novel and nonsensical market manipulation theory.

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