Santander to pay Madoff trustee

NEW YORK: Banco Santander SA���s hedge fund unit agreed to a $235 million settlement with the trustee liquidating Bernard Madoff���s defunct money management firm, the Securities Investor Protection Corp said.

The bank���s Optimal Investment Services fund made the deal with trustee Irving Picard, SIPC said on Tuesday in a statement. The deal represents 85% of what Picard had been seeking, according to the statement.

���This settlement is the result of extensive factual research, diligent legal scholarship and practical craftsmanship by the trustee and his attorneys,��� SIPC President Stephen Harbeck said in the statement. ���It is a roadmap for similar recoveries that will benefit the victims of Bernard Madoff s crimes.���