Funds of Hedge Funds Politics & Regulation Tax & Legal

Optimal settles claims with Madoff trustee

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Optimal Strategic US Equity and Optimal Arbitrage managed by Optimal Investment Services, a wholly owned indirect subsidiary of Banco Santander, have entered into an agreement with Irving H. Picard, the Trustee for the liquidation of Bernard L. Madoff Investment Securities (BLMIS). Under the agreement, the Trustee will allow the funds' claims in the liquidation proceedings and will reduce claw-back demands on the funds, in exchange for the funds' payment of the reduced demands.

These are the only Optimal funds of funds that had customer accounts but Optimal is said to have had some $3 billion in a feeder