"The government's request for a massive restitution order is unsupported, unnecessary and unjustified," lawyers for Hwang argued in a filing to a U.S. court.
Hwang's victims comprise a handful of elite multinational investment banks led chiefly by Credit Suisse and Nomura, which together account for three-quarters of the nearly $10 billion sought.
According to his legal team, Hwang's estimated net worth has now plummeted to just $55.3 million, with potential liabilities shrinking that even further.
Hwang's decision to double down on a long position in ViacomCBS during the COVID lockdown contributed heavily to Archegos's financial downfall.
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