Goldman Fails to Vacate $20.1 Million Bayou Award
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Goldman Sachs Group Inc. failed to vacate a $20.1 million award an arbitration panel had granted Bayou Group LLC creditors who sued Goldman for failing to detect Bayou funds for which it did transfers were a fraud.
U.S. District Judge Jed Rakoff in Manhattan said in a ruling today that Goldman failed to show that the arbitration panel had “manifestly disregarded the law” in granting the award.