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What is Santander’s Madoff payout?
By Amarendra Bhushan for CEOWORLD Magazine Updated:February 2, 2009
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The people responsible for Santander’s Madoff strategy are not even at Santander anymore. They left a few months before the scandal broke.
Santander announced last week it would compensate all individual clients who invested in the Optimal Strategic U.S. Equity Fund through the issue of 1.38 billion euros ($1.77 billion) in preferential shares with an annual coupon of 2 percent.
- Investors who bought products sold by Santander’s <SAN.MC> Madoff-hit unit Optimal, have asked a U.S. judge to halt the bank’s plan to compensate investors with new shares.
- Santander had launched a campaign that was “coercive and deceitful, that intended to pressure those affected to withdraw their suits one by one.
- Investors had served papers in a South Florida court demanding the issue of shares be stopped until the question of whether Santander shared some responsibility for the alleged fraud had been settled.
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