Case Page

 

Case Status:    DISMISSED    
On or around 10/11/2011 (Other)

Filing Date: January 26, 2009

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. On October 11, 2011, a Mandate was issued by the United States Court of Appeals affirming the decision of the district court.

COMPANY INFORMATION:

Sector: Financial
Industry: Money Center Banks
Headquarters: The Bahamas

SECURITIES INFORMATION:

Ticker Symbol:
Company Market: Privately Traded
Market Status: Privately Held

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. Florida
DOCKET #: 09-CV-20215
JUDGE: Hon. Paul C. Huck
DATE FILED: 01/26/2009
CLASS PERIOD START: 01/27/2004
CLASS PERIOD END: 12/10/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Hanzman & Criden, P.A.
    220 Alhambra Circle, Hanzman & Criden, P.A., FL 33134
    305.357.9000 305.357.9050 · info@hanzmancriden.com
  2. Labaton Sucharow LLP
    140 Broadway, Labaton Sucharow LLP, NY 10005
    212.907.0700 212.818.0477 · info@labaton.com
No Document Title Filing Date
COURT: S.D. Florida
DOCKET #: 09-CV-20215
JUDGE: Hon. Paul C. Huck
DATE FILED: 10/21/2009
CLASS PERIOD START: 01/27/2004
CLASS PERIOD END: 12/10/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Ackerman, Link & Sartory PA (Coral Gables)
    2525 Ponce de Leon Boulevard, Suite 700, Ackerman, Link & Sartory PA (Coral Gables), FL 33134
    305.529.9100 305.529.9100 ·
  2. Coughlin Stoia Geller Rudman & Robbins LLP (Boca Raton)
    120 East Palmetto Park Road, Suite 500, Coughlin Stoia Geller Rudman & Robbins LLP (Boca Raton), FL 33432
    561.750.3000 561.750.3000 ·
  3. Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
    655 West Broadway, Suite 1900, Coughlin Stoia Geller Rudman & Robbins LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 · info@csgrr.com/
  4. Criden & Love, P.A.
    7301 S.W. 57th Court, Suite 515, Criden & Love, P.A., FL 33143
    305.357.9000 305.357.9050 · klove@cridenlove.com
  5. Labaton Sucharow LLP
    140 Broadway, Labaton Sucharow LLP, NY 10005
    212.907.0700 212.818.0477 · info@labaton.com
  6. Lieff, Cabraser, Heimann & Bernstein LLP
    Embarcadero Center West 275 Battery Street, Suite 3000, Lieff, Cabraser, Heimann & Bernstein LLP, CA 94111-3339
    415.956.1000 415.956.1008 ·
  7. Zwerling Schachter & Zwerling LLP (New York)
    41 Madison Avenue-32nd Floor, Zwerling Schachter & Zwerling LLP (New York), NY 10010
    212.223.3900 212.223.3900 · inquiry@zsz.com
No Document Title Filing Date
No Document Title Filing Date