Goldman Seeks To Toss $21M Bayou Arbitration Award

Law360, New York (July 23, 2010, 7:34 PM EDT) -- Goldman Sachs Group Inc.. has reportedly filed a lawsuit seeking to overturn an arbitration panel's decision requiring two Goldman units to pay $20.6 million to unsecured creditors of now-defunct hedge fund Bayou Group LLC.

In a suit filed Friday in the U.S. District Court for the Southern District of New York, Goldman claims the panel “manifestly disregarded the law and exceeded its authority” in granting the award, according to the Wall Street Journal.

A Financial Industry Regulatory Authority arbitration panel found June 22 that Goldman Sachs...
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