Saturday, 1 August 2015
Last updated 15 hours ago
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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…