Santander Securities, L.L.C. : Puerto Rico Municipal Bonds and Puerto Rico Closed End Funds Securities Litigation
On or around 06/20/2019 (Ongoing date of last review)
Filing Date: October 12, 2017
According to the Complaint, during the period from December 2012 through October 2013 (the “Class Period”), Santander Securities, L.L.C. (SSLLC) solicited the Plaintiffs and other putative Class members (“Class Members”) to purchase over $180 million worth of Puerto Rico Municipal Bonds (PRMBs) and $101 million worth of Puerto Rico Closed End Funds (PRCEFs or CEFs) (collectively “PR securities”).
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 (“Scheme to Defraud”).
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.
Company & Securities Information
Defendant: Santander Securities, L.L.C.
Industry: Money Center Banks
About the Company & Securities Data
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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.
First Identified Complaint
Jorge Ponsa-Rabell, et al. v. Santander Securities, L.L.C., et al.
COURT: D. Puerto Rico
DOCKET #: 17-CV-02243
JUDGE: Hon. Carmen C. Cerezo
DATE FILED: 10/12/2017
CLASS PERIOD START: 12/01/2012
CLASS PERIOD END: 10/31/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Espada, Minana & Pedrosa Law Offices, PSC 122 Calle Manuel Dómenech Altos Urb. Baldrich, Espada, Minana & Pedrosa Law Offices, PSC, PR 00918 787.758.1999 787.758.1999 ·