Articles Posted in Goldman Sachs

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Below is a Bloomberg article about our firm’s $20.6 million FINRA arbitration award against Goldman Sachs related to Bayou. It’s the largest arbitration award ever rendered against Goldman. The award was confirmed by Judge Rakoff and Goldman filed it’s brief to the Second Circuit.

Goldman Sachs Asks Court to Throw Out $20.5 Million Bayou Creditors’ Award By Bob Van Voris – Oct 15, 2011

Goldman Sachs Group Inc. (GS) filed an appeal seeking to dismiss a $20.5 million arbitration award to creditors of the failed hedge fund firm Bayou Group LLC.

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Below is a WSJ article about our firm’s $20.6 million FINRA arbitration award against Goldman Sachs related to the Bayou hedge fund fraud. It is the largest arbitration award ever rendered against Goldman. The award was confirmed by Judge Rakoff of the SDNY in November 2010 and Goldman filed it’s brief to the Second Circuit this week.

Goldman Continues to Fight $20.5 Million Award in Pivotal Case By LIZ MOYER

NEW YORK-Goldman Sachs Group Inc. is continuing to fight a $20.5 million arbitration award that, while relatively small from the big bank’s perspective, has broader implications for Wall Street.

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Below is a New York Times piece about the Firm’s $20.6 million arbitration award against Goldman Sachs being upheld by Judge Rakoff in a sternly written opinion.

DealBook – A Financial News Service of The New York Times November 30, 2010, 6:16 pm Goldman’s $20 Million Consequence By SUSANNE CRAIG

Goldman Sachs made its bed. Now Judge Jed S. Rakoff says the Wall Street firm has got to lie in it.

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Below is a piece from the NY Times’ DealBook about Judge Rakoff confirming the $20.6 million arbitration award against Goldman Sachs, the largest arbitration award ever rendered against the firm.

DealBook – A Financial News Service of The New York Times November 8, 2010, 11:29 am Judge Upholds Award Against Goldman

A federal judge has denied a request by Goldman Sachs to throw out a record arbitration award levied against the Wall Street firm earlier this year.

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Below is a piece from the front page of the October 23, 2010 business section of the New York Times regarding the firm’s $20.6 million arbitration award against Goldman Sachs, the largest customer arbitration ever rendered against Goldman.

DealBook – A Financial News Service of The New York Times October 21, 2010, 8:38 pm In Clearing Bayou, Quagmire for Goldman

By SUSANNE CRAIG

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Below is a New York Times Piece about Bayou v. Goldman Sachs

Goldman Must Pay Some Bayou Losses By LOUISE STORY and GRETCHEN MORGENSON Goldman Sachs has been ordered to pay $20.58 million to creditors of a failed hedge fund to settle claims that the bank helped the fund perpetrate a Ponzi scheme.

The award represents the first time that a bank has been held accountable for a Ponzi scheme because of its role as a middleman.

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Rich & Intelisano, LLP won a $20.5 million arbitration award against Goldman Sachs related to the Bayou hedge fund Ponzi scheme. The award is 100% of the compensatory damages requested. It is the largest arbitration award ever rendered against Goldman and the sixth largest customer arbitration award against any Wall Street firm. It is also the first win in any court or arbitration forum by investors against a clearing or prime broker related to a hedge fund Ponzi scheme based upon fraudulent transfer theories.

Partner John Rich masterminded the case, and tried it together with partner Ross Intelisano, with significant help from Matt Woodruff, Diane Mall Sammarco and Eric Clem of our office.

The award is on Finra’s website. The Firm represented the Bayou Creditors’ Committee in the 18 day arbitration hearing. The three arbitrator panel held over 13 pre-hearing sessions and 36 hearing sessions in 2008 through 2010.

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