A U.S. appeals court struck down Goldman Sachs’ appeal of a $20.6 million arbitration award decision on Tuesday, upholding the original decision in favor of creditors of the Bayou Group.

Goldman was ordered to pay the $20.58 million arbitration award on June 24, 2010 by a three-member Financial Industry Regulatory Authority panel. The firm subsequently petitioned the U.S. District Court for the Southern District of New York, which denied Goldman’s request and confirmed the award through a cross-petition. Goldman then appealed the decision at the U.S. Court of Appeals for the Second Circuit, which affirmed the ruling on Tuesday.

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