Finance
Elliott Says Santander’s Use of Signal Messaging App Hampers Lawsuit
- Signal platform offers auto-deleting function for chats
- Hedge fund is suing the bank over take-private of US unit
The messages in question represent a fraction of the documentation produced for the proceedings.
Photographer: Luke MacGregor/BloombergThis article is for subscribers only.
Elliott Investment Management has alleged that Banco Santander SA’s practice of using an auto-deleting messaging platform, in this instance to discuss a take-private deal, is hampering its long-running lawsuit against the bank.
The hedge fund sued Santander affiliates and board members of Santander Consumer USA Holdings Inc. in 2022 for allegedly rigging the $12.7 billion take-private buyout of its US auto loan business to keep potentially billions worth of pandemic-related profits in the Spanish bank’s hands.