Bill Hwang, the founder of Archegos Capital Management, on Thursday asked a judge to let him subpoena documents from 10 banks, in an effort to shift blame as he defends against criminal fraud charges that the firm's collapse was his fault, Reuters reported. In a filing in Manhattan federal court, Hwang said the documents will show that Archegos' counterparties "played a pivotal role" in the March 2021 collapse of his once-$36 billion firm, and that his swaps trades were legal. Hwang's request came three days after UBS agreed to pay $388 million in fines to U.S. and British regulators over poor risk management at Credit Suisse, which lost $5.5 billion when Archegos met its demise. UBS bought Credit Suisse last month, under pressure from Swiss regulators. Other banks also lost money when Archegos collapsed, but less than Credit Suisse.
