Bayou Group Nets $8.2M In Settlements

Law360, New York (August 9, 2007, 12:00 AM EDT) -- Bayou Group LLC has agreed to settle 36 adversary proceedings it brought against investors that pulled their money out of the bankrupt hedge fund before it collapsed and was exposed as what Bayou's attorneys have termed a "fraudulent Ponzi scheme."

Bayou filed a motion on Monday asking the U.S. Bankruptcy Court for the Southern District of New York to approve the settlement agreements. The settling defendants, which were advised by Altegris Investments Inc., invested a total of almost $12 million in Bayou's private pooled investment funds,...
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