Banco Santander, S.A. : Optimal Strategic US Equity Fund

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Stanford Law School

Banco Santander, S.A. : Optimal Strategic US Equity Fund Summary: According to a press release dated January 27, 2009, the complaint's principal allegation is that Defendants were negligent and reckless in investing substantially all of the assets of the Strategic US Equity Fund with Bernard L. Madoff ("Madoff") and Bernard L. Madoff Investment Securities LLC ("BMIS") without conducting reasonable and adequate due diligence.

The Defendants include (i) Banco Santander, S.A.; (ii) Banco Santander International; (iii) Optimal Investment Services, S.A.; (iv) PricewaterhouseCoopers (Ireland); (v) HSBC Securities Services Ltd. (Ireland); (vi) HSBC Institutional Trust Services (Ireland) Ltd.; (vii) Manuel Echeverría Falla; (viii) Anthony L.M. InderRieden; and (ix) Brian Wilkinson.

As alleged in the complaint, Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing materially false and misleading statements about their due diligence and oversight of Madoff and BMIS. Among the allegedly false statements made in the Explanatory Memorandum dated January 7, 2008, that was distributed to investors was the assurance that Optimal "bases its investment decisions on a careful analysis of many investment managers." The complaint further asserts that had the Defendants conducted a reasonably "careful analysis" of Madoff and BMIS, Defendants would not have lost billions of dollars belonging to theinvestors.

In addition, the complaint also alleges common law causes of action,including breach of fiduciary duty, negligence, negligent misrepresentation, unjust enrichment, and professional malpractice.

On April 17, 2009, the Court appointed Santander Investor Group to serve as lead plaintiff in the Action pursuant to 15 U.S.C. § 78u-4(a)(3)(B). The Court also granted the plaintiffs’ request to apppoint Labaton Sucharow LLP and Coughlin Stoia Geller Rudman & Robbins LLP as co-lead counsel.

On October 21, 2009, an amended complaint was filed in the action.

On July 30, 2010, two accompanying orders were issued by the court dismissing the case based on lack of personal jurisdiction and forum non conveniens.

On August 25, 2010, a Notice of Appeal was filed by the plaintiffs.

INDUSTRY CLASSIFICATION:
SIC Code: 6029
Sector: Financial
Industry: Money Center Banks

COMPANY/ISSUER NAME:	Banco Santander, S.A.
COMPANY/ISSUER TICKER:	STD
COMPANY WEBSITE:	http://www.gruposantander.com

FIRST IDENTIFIED COMPLAINT IN THE DATABASE

Inversiones Mar Octava Limitada And Marcelo Guillermo Testa, et al. v. Banco Santander, S.A., et al.

COURT: S.D. Florida	DOCKET NUMBER: 09-CV-20215
JUDGE NAME: Hon. Paul C. Huck
DATE FILED: 01/26/2009	SOURCE:
CLASS PERIOD START: 01/27/2004	CLASS PERIOD END: 12/10/2008
TYPE OF COMPLAINT: Complaint (Unamended and Unconsolidated)
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Hanzman & Criden, P.A. 220 Alhambra Circle, Coral Gables, FL, 33134 (voice) 305.357.9000, (fax) 305.357.9050, info@hanzmancriden.com Labaton Sucharow LLP 140 Broadway, New York, NY, 10005 (voice) 212.907.0700, (fax) 212.818.0477, info@labaton.com _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 2

DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT
Class Action Complaint
Type: Complaint		Date on the document: 01/26/2009
U.S. District Court Civil Docket
Type: Docket		Date on the document: 01/29/2009
Order For Appointment As Lead Plaintiff And Approval Of Proposed Lead Plaintiff's Selection Of Counsel
Type: Order Appointing LP/LC		Date on the document: 04/17/2009
U.S. District Court Civil Docket
Type: Docket		Date on the document: 02/03/2010

REFERENCE COMPLAINT

In Re Santander-Optimal Securities

COURT: S.D. Florida	DOCKET NUMBER: 09-CV-20215
JUDGE NAME:
DATE FILED: 10/21/2009	SOURCE:
CLASS PERIOD START: 01/27/2004	CLASS PERIOD END: 12/10/2008
TYPE OF COMPLAINT: First Amended
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Coughlin Stoia Geller Rudman & Robbins LLP (NY) 200 Broadhollow Road, Suite 406, Melville, NY, 11747 (voice) 631-367-7100, (fax) 631-367-1173, info@csgrr.com/ Labaton Sucharow LLP 140 Broadway, New York, NY, 10005 (voice) 212.907.0700, (fax) 212.818.0477, info@labaton.com _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 2

DOCUMENTS FOR THE REFERENCE COMPLAINT
Consolidated Amended Class Action Complaint - Jury Trial Demanded
Type: Complaint		Date on the document: 10/21/2009
Order Closing Cases
Type: Order		Date on the document: 07/30/2010
Order Granting Motions To Dismiss For Lack Of Personal Jurisdiction and Dismissing Case For Forum Non Conveniens
Type: Order		Date on the document: 07/30/2010
Plaintiffs’ Notice Of Appeal
Type: Notice of Appeal		Date on the document: 08/25/2010
U.S. District Court Civil Docket
Type: Docket		Date on the document: 08/26/2010
Mandate
Type: Other		Date on the document: 10/11/2011

OTHER DOCUMENTS
Class Action Complaint
Case Name and/or Number: Serol Holding Corporation, et al. v. Banco Santander, S.A., et al.
Type: Complaint		Date on the document: 02/04/2009
Class Action Complaint
Case Name and/or Number: Antonio Atencia Puado, et al. v. Banco Santander, S.A., et al.
Type: Complaint		Date on the document: 04/09/2009
U.S. District Court Civil Docket
Case Name and/or Number: In Re: Optimal Strategic U.S. Equity Fund Securities Litigation
Type: Docket		Date on the document: 08/11/2009
Transfer Order
Case Name and/or Number: In Re: Optimal Strategic U.S. Equity Fund Securities Litigation
Type: Other		Date on the document: 08/12/2009

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