May 31, 2006
Bayou Group files for bankruptcy
Bayou Management LLC, the hedge fund group that lost hundreds of millions of investor dollars in a massive fraud last year, filed for Chapter 11 bankruptcy protection recently. In a bid to recover profits that it paid, Bayou has filed suit against previous investors in the firm, including UT Medical Group Inc.'s pension plan and 25 others. Reuters.com reports:
The Chapter 11 filing and lawsuits are the latest in a litany of disgraces for Bayou, which raised some $450 million from investors but lost much of it through a series of flawed trading strategies even as it told investors it was making money.
Read more: Bayou US hedge funds seek bankruptcy protection
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