Lates News

Morgan Stanley, Goldman Sachs, and Wells Fargo have agreed to pay $120 million in settlement funds to resolve allegations of conflicts of interest in the process of selling ViacomCBS (now Paramount Global) shares during the 2021 family office Archegos Capital Management meltdown. The original plaintiffs representing former ViacomCBS shareholders have agreed to the settlement arrangement, but the agreement is subject to approval by a U.S. federal court judge. During the Archegos meltdown in March 2021, the three banks sold ViacomCBS shares from the portfolio. One side of the original plaintiff group representing a batch of ViacomCBS shareholders accused the three banks of not disclosing their role as trading counterparts of Archegos in the sale of shares, suggesting a conflict of interest.