Santander Madoff Class Action Has Problems: Judge

Law360, New York (January 12, 2012, 8:08 PM EST) -- Foreign investors suing Spain's Banco Santander SA for trusting money in Bernard Madoff's Ponzi scheme face serious difficulties bringing their proposed class action in a U.S. court, a New York federal judge warned Thursday.

“There are many serious problems that have been raised. I wouldn't take them lightly,” U.S. District Judge Shira A. Scheindlin told lawyers for the plaintiffs, a group of entirely foreign-based investors.

The plaintiffs lawyers, who appeared with the bank's attorneys at a hearing, are preparing to submit a new motion for class...
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