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Santander Loses Bid To Discard Madoff Suit
Spain’s Banco Santander has failed to dismiss a U.S. lawsuit by investors in its $3.1 billion hedge fund arm to recover losses linked to Bernard Madoff’s Ponzi scheme.
Spain’sBanco Santanderhas failed to dismiss a U.S. lawsuit by investors in its $3.1 billion hedge fund arm to recover losses linked toBernard Madoff庞氏骗局,Reutersreports. The ruling will allow investors in a “feeder fund,” advised by the bank’sOptimal Investment Management Servicesunit, to pursue a federal securities law claim against Santander.
As per the modified complaint filed on Nov. 15, theOptimal Strategic U.S. Equity Fundinvested 100% of its assets with Madoff and his firm,Bernard L Madoff InvestmentSecurities. The investors alleged that the defendants ignored Madoff’s fraud signals and misled them about how closely they were monitoring Madoff.
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