- Buffett's Predictions For Next Year—And Every Year
- Governments Must Act to Avoid More Dubais: El-Erian
- Oil Demand Sees Year-Over-Year Rise, First Since 2007
- The World's Biggest Debtor Nations
- Dubai Stocks Shed 7%, Abu Dhabi Tumbles 8%
- Cyber Monday: The Last Vestige of Dotcom Hype
- Goldman Sachs Party Ban: No Gatherings of 12 or More
- Fed Tweaking Plan to Pull Money Back out of Economy
- Scientists Gone Wild: Climate Debate Turns Nasty
- ESPN The Magazine’s Body Issue: A Financial Success
- Cyber Monday: The Last Vestige of Dotcom Hype
- Dubai Fear is 'Noise'—Stay Fully Invested: Strategist
- Tech Comes to Holiday Shopping's Rescue?
- Timeless and Time-Tested Warren Buffett Watch Predictions
- Roginsky: The Botax Whose Time Has Come
- Buy or Hold: Analyst Rates 10 Retail Stocks
- Execs: Tis The Season To Take Control
- November Winners & Losers
MOST SHARED
- Timeless and Time-Tested Warren Buffett Watch Predictions
- Black Friday Sales Disappoint Investors; Amazon Up
- Tiger Woods Wants to Protect Family Privacy: Agent
- Governments Must Take Steps To Avoid More Dubais: El-Erian
- Tamminen: Copenhagen And Beyond
- BofA Aims to Clearly Spell Out Credit Card Terms
- US Senator Opposes Fed Chief Bernanke Renomination
- Dubai's Nakheel Seeks Suspension $5.25 Billion in Bonds
- Tiger Ads Continue To Run Today
Text Size 
Banco Santander's investment arm Optimal agreed Tuesday to pay more than $235 millon to settle claims filed by the trustee responsible for the liquidation of Bernie Madoff's investment empire, according to a press release.
 |
CNBC.com Bernie Madoff |
The settlement equals 85% of what trustee Irving H. Picard would have claimed against the fund, and if approved, he will have collected about $1.225 billion for Madoff's fraud victims.
"I am very pleased that we reached such a favorable settlement with Optimal and that Optimal will pay more than $235 million to resolve the claims against it," Picard said in the release. "We hope that other entities against which we have claims will likewise come forward to settle those claims for the benefit of all of Madoff's victims."
Optimal had invested about $3 million with Madoff before the Ponzi scheme, for which Madoff pleaded guilty in March, unraveled.
Picard filed a motion with the Bankruptcy Court Tuesday seeking approval for the settlement. It will hold a hearing on June 16.
Print
Email
- Ever wished your cab driver would stop chatting and just get to where you're going? Well, that moment is closer than ever.
- UPS is giving its customers the option to offset its carbon emissions when sending a package.
- Raising alligators is hard work, and the fickle taste of rich consumers has just made it much harder, says the NY Times.
- The continued real estate boom in China is partially fueled by a generational flood of newlyweds.
- From the why-didn’t-I-think-of-that file, we present Jason Sadler, a man whose job is wearing T-shirts.
- Shopping for a gadget hound? The choices can be baffling. Here are a few that should be a hit.
Data is a real-time snapshot *Data is delayed at least 15 minutes