Bayou Creditors Sue Goldman Prime Brokerage Unit to Avoid Allegedly Fraudulent Transfers

On May 30, 2008, the Official Unsecured Creditors’ Committee of Bayou Group, LLC and affiliated fund and advisory entities filed an adversary proceeding against Goldman Sachs Execution and Clearing, L.P. and Spear, Leeds & Kellogg, L.P. in the Bayou Chapter 11 bankruptcy case pending in the SDNY, claiming that the Bayou bankruptcy estate is entitled to avoid allegedly fraudulent transfers to Goldman margin accounts.

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