Spain's Largest Bank Slapped With $3B Madoff Suit

Law360, New York (January 28, 2009, 12:00 AM EST) -- Spain's Banco Santander SA has been hit with a class action from investors alleging the bank failed to scrutinize disgraced fund manager Bernard L. Madoff's dealings before investing $3 billion of its clients' money in the alleged $50 billion Ponzi scheme.

On Tuesday, in the U.S. District Court for the Southern District of Florida, a purported class of investors sued Banco Santander and its subsidiary Optimal Investment Services, accusing the bank of breaching its fiduciary duty and of making misrepresentations to investors in the Optimal SUS...
To view the full article, register now.

Related

Sections

Case Information

Case Title

IN RE: Banco Santander Securities-Optimal Litigation


Case Number

1:09-cv-20215

Court

Florida Southern

Nature of Suit

Securities/Commodities

Judge

Paul C. Huck

Date Filed

January 26, 2009

Law Firms

Companies

Government Agencies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.