Madoff Fraud Claims Against Santander Survive

Law360, New York (December 22, 2011, 5:00 PM ET) -- A New York federal judge on Wednesday allowed common law fraud claims to proceed against Banco Santander SA in a class action lawsuit filed by shareholders of Madoff feeder fund Optimal Strategic U.S. Equity.

U.S. District Judge Shira A. Scheindlin said the plaintiffs have raised sufficient allegations that Banco Santander was aware of potentially misleading statements in explanatory memorandums used to market the funds that they were not merely pleading that the Spanish bank should have known because of its insider status. The plaintiffs claim the...
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