FOR IMMEDIATE RELEASE: May 11, 2011 

Labaton Sucharow LLP on Behalf of Lead Plaintiffs in Optimal U.S. Securities Litigation Announced Offer Circulated in Connection with Optimal-Madoff Feeder Fund Is Potentially Incomplete and Misleading

NEW YORK (May 11, 2011) – Labaton Sucharow LLP, on behalf of Lead Plaintiffs in the class action pending in the United States Court for the Southern District of New York,  In re Optimal U.S. Litigation (10-cv-4095) (the "Class Action"), announced  preliminary conclusions to the offer to assign the claims of investors in Optimal Strategic U.S. Equity (the "Offer"). 

Lead Counsel for Lead Plaintiffs have analyzed the details of the Offer and have reached the following preliminary conclusions:

●         The Offer does not appear to disclose that class action claims for fraud against Banco Santander, S.A. and Optimal Investment Services, S.A., (as well as other defendants) have been sustained by the Court on behalf of certain investors. (The Court is therefore allowing Lead Plaintiffs to proceed with discovery, including seeking Defendants' internal documents and taking of depositions.)

●          The Offer may release all rights to any recovery from the class action.

●          To the extent the offer is incomplete or materially misleading, Lead Plaintiffs and their counsel are analyzing the liability of all financial intermediaries involved in disseminating the Offer.

●          The Offer does not appear to guarantee that investors will receive money.  Investors may thus give up their rights to a recovery in the class action and still not receive any additional compensation.

●          The offering documents state that the deadline is May 18, 2011.  While certain investors have been provided earlier "drop dead" dates (such as May 11, 2011), there is no apparent basis for this earlier deadline based on the offering documents.

Class Action Status
On May 2, 2011, the Court sustained the claims for fraud under the federal securities laws of the United States on behalf of certain investors in Optimal U.S.  The Court found a "strong inference of scienter," or a strong inference of intent to defraud by Optimal Investment Services, S.A.  At a hearing on May 10, 2011, the Court explained the reasons for finding such inference of intent to defraud.  

Judge Scheindlin noted: "...A fair inference that flows from the facts alleged is that if they failed to   see the perceptible signs of fraud, it may have been because they chose to wear blinders." She also stated: "The competing inferences that defendants urge this Court to draw from Madoff's secrecy, refusal to identify counterparties, or known deception of the SEC fall resoundingly short of being more compelling than the inferences to be drawn in plaintiffs' favor."  

(A full copy of the decision can be found at www.labaton.com/en/cases/Banco-Santander.cfm)

The Court also allowed Lead Plaintiffs to proceed with discovery, including seeking Defendants' internal documents and taking of depositions.

If you would like to contact us or have any questions about the Class Action, you may contact Javier Bleichmar, Esq. of Labaton Sucharow LLP, at 888-753-2796 or (212) 907-0700, or via email at jbleichmar@labaton.com.   

Labaton Sucharow LLP, with offices in New York, New York and Wilmington, Delaware, is one of the country's premier law firms representing institutional investors in class action and complex securities litigation, as well as consumers and businesses in class actions seeking to recover damages for anticompetitive practices. The Firm has been a champion of investor and consumer rights for close to 50 years, seeking recovery of current losses and necessary governance reforms to protect investors and consumers. Labaton Sucharow has been recognized for its excellence by the courts and its peers. More information about Labaton Sucharow is available at www.labaton.com

CONTACT:

Jennifer Bankston
212-907-0659
jbankston@labaton.com