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International finance court should be formed to hear Madoff cases: lawyers group

By Bernard Hibbitts (editor) and University of Pittsburgh School of Law students.

[JURIST] A group of lawyers called Monday for the formation of an International Finance Court to adjudicate the issues around the Bernard Madoff fraud case. The Madoff Case Global Alliance of Law Firms, established last month at a meeting in Spain, aims to form an international network to facilitate sharing information and developing strategies. They say an international forum must be established to address the complex issues of the case because of their sheer magnitude and because they unfold across several legal systems. The group plans to meet Wednesday with US Securities and Exchange Commission (SEC) chairman Mary Schapiro to lobby for their proposal. The alliance also plans to present their proposal to the Group of 20 (G-20) at their April meeting in London in the belief that their plan should be organized in conjunction with the UN, the International Monetary Fund, and the World Bank. Leading the coalition of lawyers is Javier Cremades, from the Spanish law firm Cremades & Calvo-Sotelo, and Gaytri Kachroo, from the US law firm McCarter & English. Cremades and his law firm have brought a lawsuit against the Spanish bank Santander in a US federal court, although the case has not yet been adjudicated as the judge questions the appropriateness of jurisdiction and the need for court intervention. McCarter and English is the law firm representing Harry Markopolos, a whistleblower who accused Madoff of fraud before the SEC in 2005. In February, Madoff consented to a partial judgment with the SEC over civil charges brought by the SEC to obtain preliminary injunction and freeze Madoff's assets. Madoff still faces criminal charges by the SEC. The SEC's capacity for enforcement has been heavily questioned in the wake of the alleged Ponzi schemes perpetrated by Madoff and other financiers like Allen Stanford.

Full post as published by JURIST - The Paper Chase on March 10, 2009 (boomark / email).