Banco Santander Moves To Trim Madoff Fraud Action

Law360, New York (July 6, 2011, 3:45 PM EDT) -- A recent U.S. Supreme Court ruling should obliterate some claims from a putative class action implicating Banco Santander SA in the Bernard L. Madoff fraud, the Spanish bank said Tuesday in court filings in New York.

The class of foreign investors suing Santander allege that the bank lead them to buy shares in the Optimal Strategic U.S. Equity fund, a Madoff feeder fund. Optimal's investment manager — which is a wholly owned subsidiary of Banco Santander — as well as an employee at the firm and...
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