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Madoff Trustee Pulls In $235M From Santander Funds

Law360 (May 26, 2009, 12:00 AM EDT) -- The trustee overseeing the liquidation of Bernard L. Madoff's investment firm revealed Tuesday a settlement with two Banco Santander SA hedge funds that will see the trustee recoup more than $235 million.

The settlement brings the total amount of money to be distributed to victims of Madoff's fraud to about $1.23 billion, said Irving H. Picard, the U.S. bankruptcy trustee managing the winding down of Bernard L. Madoff Investment Securities LLC.

The two funds — the Optimal Strategic U.S. Equity Ltd. fund and the Optimal Arbitrage...
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