  The $\cp$ violating asymmetry $A(\Lambda^0_-)$ has been estimated to occur at
the level of a few times $10^{-5}$ within the minimal standard model. The
experiment E871 expects to reach a sensitivity of $10^{-4}$ to the asymmetry
$A(\Lambda^0_-)+A(\Xi^-_-)$. In this paper we study some of the implications of
such a measurement for $\cp$ violation beyond the minimal standard model. We
find that it is possible to have $A(\Lambda^0_-)$ at the few times $10^{-4}$
level while satisfying the constraints imposed by the measurements of $\cp$
violation in kaon decays.
