Law360 (August 15, 2007, 12:00 AM EDT) -- Bayou Group LLP has agreed to a second round of settlements with investors that allegedly pulled their money out of the bankrupt hedge fund before it collapsed, exposing what Bayou's attorneys have termed a “fraudulent Ponzi scheme.”
The details of the settlement would likely be released later this week, according to Bayou's fiduciary officer Jeff Marwil of Winston & Strawn LLP. He declined to comment before then, but said that the money would help further litigation against investors go forward and allow the company to begin...
Bayou To Announce Second Round of Settlements
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