Elliott Wins Cash Payout for Leading Santander Deal Challenge

Elliott International LP will take home $500,000—less than the record $1.6 million it sought—for its role in a court case that led to a $162 million settlement between Banco Santander SA and its shareholders.

A Delaware judge handed Elliott the payout in a ruling made public Tuesday, saying it deserved credit for backing litigation over the Spanish bank’s $12.7 billion take-private deal for its US auto loan division. Before the transaction, which cashed out the 20% stake in Santander Consumer USA Holdings Inc. owned by the public, the fund manager was its largest minority investor.

“Elliott devoted extraordinary time and ...