Spain's Largest Bank Slapped With $3B Madoff Suit

Law360, New York (January 28, 2009, 12:00 AM EST) -- Spain's Banco Santander SA has been hit with a class action from investors alleging the bank failed to scrutinize disgraced fund manager Bernard L. Madoff's dealings before investing $3 billion of its clients' money in the alleged $50 billion Ponzi scheme.

On Tuesday, in the U.S. District Court for the Southern District of Florida, a purported class of investors sued Banco Santander and its subsidiary Optimal Investment Services, accusing the bank of breaching its fiduciary duty and of making misrepresentations to investors in the Optimal SUS...
To view the full article, register now.