An affiliate of Spain’s 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 has recommended.
The report and recommendation issued Wednesday by U.S. Magistrate Judge James Francis IV will be reviewed by U.S. District Judge Richard Berman. Santander has 14 days from the report to object, and BNY Mellon will have an additional 14 days to respond.
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