An affiliate of Spanish bank Banco Santander must pay Bank of New York Mellon Trust Co. more than $308 million in damages for breaching a 2004 note agreement as a result of Santander’s 2009 acquisition of Sovereign Bancorp, a federal magistrate judge has recommended.
The Sept. 12 report and recommendations in Bank of New York Mellon v. Santander Holdings, 10-9420, by Magistrate Judge James Francis IV (See Profile), will be reviewed by Southern District Judge Richard Berman (See Profile). Santander has 14 days from the report to object, and BNY Mellon will have an additional 14 days to respond.
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