Payout for Spanish Madoff victims
29-01-2009
Spain's largest bank, Santander, is to offer compensation worth more than US$1.8 billion to clients who lost money in a huge investment fraud allegedly run by the American financier, Bernard Madoff. The bank will repay private clients who invested in its Optimal Strategic US equity fund by giving them preference shares in Santander. The bank says it is offering the compensation to maintain a business relationship with the clients involved. Santander is being sued over claims it did not do enough to prevent losses in funds that invested with Mr Madoff. He is accused of perpetrating one of the largest-ever Wall Street frauds, through a $50 billion scheme that wiped out many investors.
