$21M Arbitration Award Withstands Goldman Challenge

Law360, New York (November 8, 2010, 6:16 PM EST) -- A federal judge on Monday shot down Goldman Sachs Execution & Clearing LP's bid to vacate a $20.6 million arbitration award, upholding a win for Bayou Group LLC's unsecured creditors committee, which has said GSEC turned a blind eye to fraud at several now-defunct Bayou hedge funds.

Judge Jed S. Rakoff of the U.S. District Court for the Southern District of New York signed off on an order denying GSEC's petition to vacate and granting Bayou creditors' cross-petition to confirm the June award, which came from...
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