Friday, 20 February 2009

Around 70% of Santander’s retail clients affected by the Madoff scandal have accepted a settlement offered to them by the Spanish bank

Around 70% of Santander’s retail clients affected by the Madoff scandal have accepted a settlement offered to them by the Spanish bank, lawyers told a US court in Miami on Thursday as part of a class action lawsuit. Meanwhile
between 7% to 9% have refused the offer and prefer to continue with their legal proceedings.
Santander’s retail clients were exposed to the Madoff alleged Ponzi scheme via the Optimal Strategy US Equity fund run by Santander’s hedge fund arm Optimal. Santander’s total exposure to Madoff’s funds amounts to €2.3 billion. Despite the negotiated solution to Santander's Madoff exposure, problems have been arising elsewhere for the Spanish bank as
unit-holders of the real estate fund Santander Banif Inmobiliario are also planning to file a lawsuit for the way it has handled requested redemptions
, German newspaper Handelsblatt reports in its printed edition.

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