Pending federal bankruptcy court approval, the deal announced Tuesday by a hedge fund investment subsidiary of Banco Santander would boost the amount recovered to help repay Madoff’s victims past the $1.2 billion mark.

The settlement would return 85% of the total sought from Spain’s largest bank by Irving Picard, the court-appointed trustee seeking Madoff’s assets for redistribution to thousands of victimized investors worldwide. Picard has so far issued more than $100 million in repayment commitments, a fraction of the total losses.

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ReportonBusiness.com – A group of dissident shareholders enraged over HudBay Minerals Inc.’s corporate missteps is pressing on with plans to oust the company’s board even after the resignation of the mining firm’s embattled chief executive officer.

HudBay said yesterday that Allen Palmiere, the architect of HudBay’s recent failed merger attempt with Lundin Mining Corp., resigned as an officer and director of the Toronto company. HudBay director Colin Benner, the former head of Lundin, Skye Resources Inc. and EuroZinc Mining Corp., was appointed interim CEO.

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