Morgan Stanley, Goldman to Settle Lawsuit Over Archegos Trades

ViacomCBS Inc. investors who sued Morgan Stanley, Goldman Sachs Group Inc. and Wells Fargo & Co. for dumping the media company’s shares amid the collapse of Archegos Capital Management asked a judge for final approval of a $120 million settlement with the banks.

The trio were among the prime brokers that helped Archegos, Bill Hwang’s $36 billion family office, place massive bets on stocks. They also acted as underwriters for Viacom, now known as Paramount Global, in a March 2021 secondary offering. The company was one of Hwang’s biggest swap positions, and a tepid response to the offering ...