Global anti-crime network by law firms
Vienna (pte026/22.05.2013/16:55) - Austrian law firms are taking part in a new global network to tackle financial crime and provide assistance to victims.
The International Network for Financial Litigation is to coordinate efforts to build a worldwide litigation strategy capable of fighting financial fraud, which long ago went global.
It originally came together to work on behalf of Madoff victims and it is now being launched more formally.
Financial cases with a global impact such as the Lehman Brothers collapse, the Madoff scam, the consequences of the Libor scandal, Bankia's failed IPO and other dubious marketing of mixed products like preferred stock highlight the need to create international structures for litigation to defend the interests of far-flung victims.
International litigation requires complex sharing of information and resources - needs that can be effectively addressed by flexible groups like the International Network for Financial Litigation.
Javier Cremades, the Spanish attorney who will act as the Network's first president said: "In a financial system, increasingly complex regulation is whiff to walk behind the sophistication of markets that require a response also global by the Law, not only in the enacting part but in the actual exercise of litigation."
Glen DeValerio, senior partner of Berman DeValerio, an American law firm that is part of the alliance, said in a statement: "We are convinced that coordinating the talent and efforts of litigant firms worldwide shall help to create a framework of international legal security, transparency and market confidence."
Law firms from the United States, Colombia, Israel, Macau, Morocco, Turkey and India, as well as from European countries including Spain, Finland, Britain, Luxembourg and Italy, will take part in the alliance which will be head quartered in New York but run out of Madrid and thus have a great presence in Europe.
The alliance's push comes with the concept of American-style class legal action gradually spreading across Europe. Just this month, the French government announced that it would allow class-action lawsuits against companies accused of being misleading and over-charging for their services.(end)