A Banco Santander SA investment management company will pay $235 million to the trustee winding down the securities business formerly run convicted swindler Bernard Madoff.
Optimal Investment Services is settling the matter, avoiding a lawsuit, trustee Irving Picard said in a released statement. The money will go to victims of the Madoff Ponzi scheme.
“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,” Picard said in a released statement.
The funds are managed by Optimal Investment services. The $235 million payout is 85 percent of the amount of Picard had originally claimed.
Picard said he has collected a total of $1.225 billion which will be paid to victims.