Law360, New York (October 19, 2011, 2:36 PM EDT) -- Banco Santander SA asked a New York federal court Tuesday to sanction a class of shareholders in a feeder fund for imprisoned fraudster Bernard L. Madoff's Ponzi scheme for repeatedly making purportedly false allegations that they bought their shares in the U.S.
The plaintiffs allege that they bought shares in Optimal Strategic U.S. Equity, not knowing it was merely a feeder fund into Madoff's scheme. Santander, whose subsidiary was Optimal's investment manager, and others didn't do enough due diligence, they allege.
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