Financial News: Santander presses clients on Madoff offer

Santander the Spanish bank whose clients lost up to €2.33bn $2.9bn from investments with alleged fraudster Bernard Madoff, is giving its customers as little as 48 hours to accept or reject its offer of partial repayment, according to aggrieved clients and their lawyers.
Labaton Sucharow, a US law firm that has already launched a class-action lawsuit against Santander, on Friday asked a court to stop Santander from contacting investors in the suit about the bank’s offer. The firm asked for an emergency order in Florida in which it accused Banco Santander International of launching “a misleading and coercive campaign to pick off putative class members, one by one, by pressuring them to release their claims based on incomplete and misleading information.”