Santander Securities LLC ("SSLLC") is a registered broker-dealer and investment adviser.

According to the Complaint, during the period from December 2012 through October 2013 (the “Class Period”), SSLLC solicited the Plaintiffs and other putative Class members to purchase over $180 million worth of Puerto Rico Municipal Bonds and $101 million worth of Puerto Rico Closed End Funds.

The Complaint alleges in connection with those solicited purchases or sales, acting with scienter and with the intent to execute the transactions, SSLLC devised as scheme to defraud by which it either instructed its FAs to omit material facts to the purchaser Plaintiffs and putative Class members, or concealed the material facts from its FAs to prevent their disclosure to the purchaser Plaintiffs and putative Class members.

Plaintiffs filed an amended Complaint on November 6, 2017. On April 9, 2018, Plaintiffs filed a second amended Complaint.

On January 28, 2019, the Court issued an Order appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed an operative Complaint on March 26, 2019. Defendants filed a Motion to Dismiss the operative Complaint on May 28. On July 22, 2020, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs' federal claims were dismissed with prejudice, while the state claim was dismissed without prejudice.

On August 17, 2020, Plaintiffs filed a notice appealing the Court's dismissal of the federal claims. The Court of Appeals affirmed the District Court's Dismissal Order on May 20, 2022.