Madoff precedent urges the need to create International Financial Court

As reported by Reuters a dedicated coalition of lawyers that formed their association in regards to the purported $50 billion fraud of once-respected Wall Street trader Bernard Madoff are calling for the creation of a new international instance to deal with the legal issues precedent of which was established by the Madoff investment business.

Madoff Case Global Alliance of Law Firms pointed to the urgency of establishing an International Financial Court which would be responsible for settling Madoff like and other complex financial litigation. The alliance is hopeful that the concept will be considered by the leaders at a summit of G20 next month in London.

"We just want to present the idea and ask the governments to take it up for discussion," said Javier Cremades, chairman of the newly formed coalition.

Attorneys participating in the coalition stated they wanted the proposal to be known to various countries so as to get their opinions on the matter.

Cremades, a lawyer at Spanish firm Cremades & Calvo-Sotelo, noted that the huge dimensions of the Madoff case with numerous investors in the United States, Europe, South America, Israel and elsewhere is a sufficient reason to think about an international forum to help resolve disputes in the financial services industry.