Judge Trims Class Action Over Optimal Madoff Feeder Fund

Law360, New York (October 14, 2011, 10:31 PM EDT) -- Taking into account a recent U.S. Supreme court decision, a New York federal judge on Thursday dismissed several claims in the consolidated class action filed by shareholders of Madoff feeder fund Optimal Strategic U.S. Equity, saying Optimal was not responsible for allegedly misleading statements.

U.S. District Judge Shira A. Scheindlin granted in part and denied in part Optimal's motion to dismiss claims that Banco Santander SA and several affiliates led shareholders to buy shares in the Optimal fund, a Madoff feeder fund.

Judge Scheindlin found that...
To view the full article, register now.