After funneling $3.1 billion of clients' money to Bernard Madoff's "investment" fund, Spanish bank Banco Santander will pay just $235 million to the trustee who is liquidating Madoff's assets. Bloomberg News reports that Spain's largest bank "made the out-of-court deal to avoid being sued by trustee Irving Picard, who has been suing the conman’s biggest investors seeking the return of years’ worth of Madoff-related profits." Picard said the $235 million is 85% of what he sought, "We hope that other entities against which we have claims will likewise come forward to settle those claims for the benefit of all of Madoff’s victims." Santander, which invested in Madoff through a Geneva-based hedge fund, has offered to compensate some of its clients, but the bank still faces other lawsuits. Dealbook adds, "Spanish prosecutors have said they are investigating Santander’s relationship with Mr. Madoff’s firm and are looking into into a trip made by one of the bank’s executives to visit Mr. Madoff a few weeks before he confessed to running a worldwide, multibillion-dollar Ponzi scheme."