Madoff Fund Investors' Santander Fraud Case Trimmed

Law360, New York (June 4, 2012, 6:30 PM EDT) -- Foreign investors alleging Banco Santander SA tricked them into investing in a fund that backed Bernard Madoff's Ponzi scheme saw securities claims stripped from their class action Monday when a New York federal judge said the connection to U.S.-traded shares was too tenuous.

U.S. District Judge Shira A. Scheindlin's ruling left claims of common law fraud, negligent misrepresentation and aiding and abetting fraud against the banking giant intact. Fraud and misrepresentation claims against the bank's Optimal Investment Management Services SA unit and employee Jonathan Clark also...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Rembaum et al v. Banco Santander, S.A. et al


Case Number

1:10-cv-04095

Court

New York Southern

Nature of Suit

Securities/Commodities

Judge

Shira A. Scheindlin

Date Filed

May 18, 2010

Law Firms

Companies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.