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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domain-B – Indian financial services firm Religare Enterprises is reported to have bid for the investment management arm of beleaguered US insurer, American International Group (AIG) as part of its plans to expand its financial services portfolio.

he reports say the Delhi-based company, leading the race for fund management unit among eight others, could pay around $600-700 million for the US insurer’s investment subsidiary. Religare has been talking to AIG Investments top management, led by Win Neuger, for nearly two months.

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