Class Slams Santander Offer To Madoff Victims

Law360, New York (February 2, 2009, 12:00 AM EST) -- A putative class has asked a federal judge to block Spain's Banco Santander SA from offering a compensation plan to investors who lost more than $3 billion in disgraced financier Bernard L. Madoff's alleged $50 billion Ponzi scheme.

In a motion filed in the U.S. District Court for the Southern District of Florida, the plaintiffs call Santander's offer misleading and coercive, because it does not mention the existence of the proposed class action, despite the offer having been made a day after the lawsuit was filed....
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