Banks Pay Back Non-US Madoff Investors $15.5B: Firm

Law360, New York (May 25, 2010, 5:27 PM EDT) -- The majority of investors outside the U.S. who fell victim to Bernard Madoff's Ponzi scheme have reached out-of-court settlements worth about $15.5 billion with the banks that facilitated their investments, a firm representing the investors said Tuesday.

About 720,000 investors have received money from the settlements with commercial banks that handled the majority of the non-U.S. investments with the fraudulent fund manager, according to Javier Cremades of Madrid's Cremades & Calvo Sotelo.

Among the settling banks, Banco Santander SA stands out for having resolved claims brought...
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