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Judge Won't Toss $20M Bayou Award Against Goldman

Law360 (December 1, 2010, 6:09 PM EST) -- A federal judge has refused to vacate a $20.6 million arbitration award against Goldman Sachs Execution & Clearing LP in favor of 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 entered final judgment in favor of the creditors committee along with an opinion outlining his reasoning in the U.S. District Court for the Southern District of New York on Monday. Judge Rakoff had indicated that he would deny...
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