Banco Santander Can't Shake Madoff Fraud Claims

Law360, New York (May 2, 2011, 7:35 PM EDT) -- A New York federal judge on Monday dismissed claims from a faction of foreign investors implicating Banco Santander SA in the Bernard Madoff fraud, but let the bulk of the putative class action stand, including fraud claims under federal securities laws.

The court ruled that three U.S. citizens living abroad are required to litigate their state law claims in the Bahamas but found that 56 other foreign plaintiffs are entitled to bring similar fraud and negligence claims against the defendants in New York, and ultimately refused...
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