Business Digest

SPAIN

Santander Settles With Madoff Trustee

Banco Santander has settled with the trustee trying to unwind Bernard L. Madoff's massive Ponzi scheme. The bank will pay $235 million to resolve potential legal claims over withdrawals a hedge-fund subsidiary, Optimal Investment Services, made from its investments with Madoff.

The trustee will recognize that Optimal lost far more than it withdrew. Funds managed by the firm lost $1.55 billion. That recognition will allow Optimal to recover a share of money available for Madoff's victims. A U.S. court needs to approve the settlement.

-- Associated Press

LEGAL

OSHA Cites Wal-Mart In 2008 Crowd Death

The death of an employee crushed in a stampede of post-Thanksgiving shoppers at a Long Island Wal-Mart could have been prevented, federal officials said as they proposed fining the retailer $7,000, the maximum allowed.

OSHA cited Wal-Mart for inadequate crowd management. Jdimytai Damour was trapped in a vestibule when a crowd of 2,000 broke down the store's doors in search of predawn bargains. He died of asphyxiation. Eleven others, including a pregnant woman, were hurt.

-- Associated Press

CORPORATE DEBT

GMAC's Position Improved, S&P Says

GMAC, which has received $13.5 billion in federal funds, is in a better position to withstand further economic deterioration because of the aid, Standard & Poor's said as it reaffirmed its CCC rating on GMAC's debt.

-- Bloomberg News