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In re Bayou Hedge Funds Investment Litigation

January 18, 2007

IN RE: BAYOU HEDGE FUNDS INVESTMENT LITIGATION
THIS DOCUMENT PERTAINS TO
BROAD-BUSSEL FAMILY LP., ET AL., PLAINTIFFS,
v.
BAYOU GROUP LLC ET AL., DEFENDANTS.



The opinion of the court was delivered by: McMahon, J.

06 MDL 1755

DECISION AND ORDER GRANTING MOTION OF DEFENDANTS FAUST RABBACH & OPPENHEIM LLP AND STEVEN OPPENHEIM TO DISMISS THE AMENDED COMPLAINT AS AGAINST THEM

This is the latest in a series of decisions on motions to dismiss the Amended Class Action Complaint in the above-captioned proceeding. Familiarity with the Bayou litigation is assumed.

The moving defendants are a law firm (hereinafter referred to as FR&O) and one of its partners, who at unspecified times performed unspecified legal services for unspecified entities among the Bayou Group hedge funds.*fn1 Plaintiffs have asserted a total of five claims against FR&O and its partner Steven Oppenheim:

The Seventh Cause of Action, sounding in negligence;

The Twelfth Cause of Action, sounding in aiding and abetting (securities) fraud;

The Thirteenth Cause of Action, sounding in aiding and abetting breach of fiduciary duty;

The Fourteenth Cause of Action, sounding in aiding and abetting negligence;

The Fifteenth Cause of Action, sounding in unjust enrichment.

The complaint alleges the following non-conclusory facts against FR&O:

FR&O was a "close associate" of Bayou and Bayou's principals, Samuel Israel and Daniel Marino. (¶ 4)

Bayou Management LLC, Bayou Advisors, LLC and Bayou Equities LLC allegedly maintained one of two "principal offices" at FR&O's law firm address, 488 Madison Avenue. (¶ 19).

FR&O is a limited liability partnership engaged in the practice of law. It served as counsel for "Bayou" during "all or some" of the Class Period, performing unspecified services at unspecified times.

Steven Oppenheim is a partner in FR&O and is also a certified public accountant. Prior to practicing law at FR&O, Oppenheim was the managing partner of Spicer & Oppenheim, an accounting firm that dissolved in or around December 1990. Thereafter, he joined the accounting firm of Grant Thornton, which served as Bayou's auditor until in or about 1998. However, ...


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