Santander Says It Performed Madoff Due Diligence

Law360, New York (November 20, 2009, 4:34 PM EST) -- Spanish banking giant Banco Santander SA has asked a federal judge in Florida to toss a class action alleging that it was negligent in investing over $3 billion in Bernard L. Madoff’s $65 billion Ponzi scheme, saying that the bank monitored the fraudster as closely as anyone.

In a motion filed Wednesday in the U.S. District Court for the Southern District of Florida, Banco Santander said that it had made efforts to perform due diligence on Madoff’s operations, including having inspectors based in New York and...
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