Banco Santander Gets Madoff Fraud Suit Sent To Switzerland

Law360, New York (August 13, 2012, 5:12 PM EDT) -- A New York federal judge on Friday tossed a putative class action alleging Banco Santander SA tricked investors into a fund that backed Bernard L. Madoff's Ponzi scheme, saying the suit should be moved to a Swiss court.

U.S. District Judge Shira A. Scheindlin said Switzerland was the more convenient forum for the suit, citing extensive discovery that showed most of the allegedly fraudulent transfers were made in Europe and that most of the witnesses and evidence in the case were outside the U.S.

"I now...
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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

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