One Less Deep Pocket

I see Judge Huck refused to enjoin Santander from contacting their Madoff-affected clients and offering individual resolutions:

About 70 percent of Banco Santander SA customers offered compensation for losses linked to Bernard Madoff have decided to accept it, lawyers for Spain’s biggest bank told a Miami court.

Clients of the Santander, Spain-based bank are agreeing to the offer because it gives them “something in hand, they are getting something today,” Sam Danon, a lawyer representing the company in a suit filed by investors in federal court in Miami, said at a hearing today.

. . . .

U.S. District Judge Paul C. Huck in Miami refused to order Santander officials to stop all “direct and indirect” contact with clients whose money was invested in products linked to Madoff while lawyers seek to organize investors’ cases against the bank.

Congrats Sam, nice win btw.

Here's the part I like. Contrast the two statements being made about this development from counsel for the putative class based in Madrid, Fernando Zunzunegui, and from Michael Hanzman:

Fernando Zunzunegui, a Madrid-based lawyer representing Santander customers considering claims against the bank over Madoff, is among lawyers and analysts who say the preferred shares it’s offering may only be worth a fifth of the value of the clients’ original investments.

And here's what Michael says:

“I’ve been advising people who call me about the settlement to weigh and decide if it’s a good deal for them,” said Michael Hanzman, a Miami-based lawyer representing investors who have sued the bank over Madoff losses.

I have to say, I'm with Mike on that one.