Madoff Fund Investors' Santander Fraud Case Trimmed

Law360, New York (June 4, 2012, 6:30 PM EDT) -- Foreign investors alleging Banco Santander SA tricked them into investing in a fund that backed Bernard Madoff's Ponzi scheme saw securities claims stripped from their class action Monday when a New York federal judge said the connection to U.S.-traded shares was too tenuous.

U.S. District Judge Shira A. Scheindlin's ruling left claims of common law fraud, negligent misrepresentation and aiding and abetting fraud against the banking giant intact. Fraud and misrepresentation claims against the bank's Optimal Investment Management Services SA unit and employee Jonathan Clark also...
To view the full article, register now.