Santander is offering €1.38bn to reimburse individual clients who lost money in the Bernard Madoff pyramid scheme, The Times reports.
Santander, which is the first to offer compensation for Madoff losses, said that it would repay the original investments of individual customers, but not institutions. It said that it had acted with due diligence when one of its funds, Optimal Strategic US Equity, commissioned Mr Madoff to handle investments by some of its clients. The bank said that it was offering to give clients back their initial investment, in the form of preference shares, but not interest accrued through Madoff funds. CITIGROUP WON'T BE GETTING a new corporate jet after pressure from President Barack Obama over...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
