NEW YORK (CNNMoney.com) -- The bankruptcy court trustee for failed hedge fund Bayou Management is reported to be suing investors who got out of Bayou before it collapsed, including an investment fund that includes New York Mets owner Fred Wilpon.

The Wall Street Journal reports the trustee, Jeff Marwil, has filed more than 120 complaints in recent months, seeking to reclaim not only the initial investments but also the profits of investors who cashed out. Collectively the suits seek $150 million, the paper reports.

Among the defendants in the suit is Sterling Stamos, an investment fund in which Wilpon is a partner. In a statement to the paper, Sterling Stamos said it had no knowledge of the fraud committed by Bayou's principals and would vigorously fight the suit.

The founders of Bayou pleaded guilty to fraud, the paper reports, essentially using money from new investors to pay old investors. When the plan collapsed, some $250 million was unpaid, it said.

The paper reports that Bayou's investors aren't accused of fraud but that people inside Bayou may have given certain investors information, motivating them to cash out. Marwil told the paper that Bayou investors being sued must prove that they had no knowledge of fraud in order to use the "good faith" defense.

Caught in a hedge fund fraud? What next?