By Kevin McCoy, USA TODAY
NEW YORK — A multi-national coalition of law firms is asking G-20 nations to form an international financial court for cases like the global scam allegedly run by Bernard Madoff.
Representatives of the 45-member coalition, made up of law firms from 25 nations representing some 10,000 Madoff victims, said Monday the proposal is needed to ensure the financial services market trust, transparency and legal certainty that's been threatened by the case.
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They have asked for discussion of the proposal at the April 2 London meeting of G-20 finance ministers from industrialized and developing nations.
Javier Cremades, president of the group and a partner at Spain-based Cremades & Calvo-Sotelo, said an international solutions is needed for a complex case that "is a global threat to everyone, including the governments."
FIND MORE STORIES IN:London Miami Argentina Bahamas Bernard Madoff
Javier Cremades, president of the group and a partner at Spain-based Cremades & Calvo-Sotelo, said an international solutions is needed for a complex case that "is a global threat to everyone, including the governments."
FIND MORE STORIES IN:London Miami Argentina Bahamas Bernard Madoff
Madoff, who may plead guilty to federal charges at a federal court hearing set for Thursday, allegedly victimized investors worldwide by reporting almost uniformly positive returns for decades. The global nature of the alleged scam has investors scrambling for the best legal route to seek recovery.
Citing one example, Cremades said an estimated 3,000 clients from Argentina invested millions of dollars with Madoff through banks or funds in Miami, the Bahamas or elsewhere. Where should they sue?
"There is no answer at all," to questions about the overlapping and potentially conflicting legal jurisdictions, said Cremades.
An international financial court would help cut through the confusion, said Gaytri Kachroo, the coalition's vice president and a law partner at U.S.-based McCarter & English.
Source: http://www.usatoday.com/money/world/2009-03-09-madoff-case-sparks-calls-for-global-court_N.htm
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Note: A Global Financial Court?
So, Burkina-Faso, Lesotho, Djibouti, Lichtenstein, and Andorra can then get their day in this "global" court?
What ever happened to representative government?
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