Tuesday, May 26, 2009

Santander, a Madoff Feeder Pays the Trustee

Banco Santander is paying the Madoff Trustee 235 million dollars to settle claims against it, according to the WSJ.

Feeder funds - hedge funds who sent investments to Madoff in return for a share of the fees came to the forefront of the Madoff litigation once it became clear that Madoff didn't have the 17 or 20 or 50 billion dollars.

Santander is the first to fold. Watch for the rest follow.

Santander, a 'Feeder,' Pays a Price - WSJ.com



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