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Goldman flags Archegos-related lawsuits as potential legal risks



(Reuters) – Goldman Sachs Group Inc. said it has sued for alleged insider trading related to Archego's meltdown earlier this year, flagging the lawsuits as potential legal risks in a report on Monday.

The lawsuits were filed by shareholders in three companies – Vipshop Holdings Ltd., GSX Techedu Inc. and Tencent Music Entertainment Group – and accuse the bank of selling shares in those companies based on "material non-public information about the liquidation of Archego's position", according to the report.

Goldman was one of several banks that had lent to Archegos Capital Management, the family office run by former Tiger Asia CEO Bill Hwang, which earlier this year failed marginal talks, triggering a fire sale of shares including those in ViacomCBS and Discovery Inc.

Global banks lost more than $ 1

0 billion when the fund exploded, with Swiss Credit Suisse being the hardest hit among its lenders.

in Goldman.


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