Most Santander Clients Accept Madoff Settlement Deal

Feb 23 2009 | 12:34am ET

While some of its clients have very loudly opposed Banco Santander’s Bernard Madoff settlement offer, most have chosen to go along.

Spain’s largest bank told a Miami court last week that about 70% of its Madoff-burned investors have decided to accept its compensation plan. Santander has offered subordinated debt securities with a 2% annual payout to its clients, who lost about US$1.7 billion in Madoff’s alleged US$50 billion Ponzi scheme. Santander’s hedge fund unit, Optimal Asset Management, has acknowledged some €2.3 billion (US$3 billion) of exposure to Bernard L. Madoff Investment Securities.

The settlement offer was made only to Santander’s individual investors, and not to institutions.

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