Madoff case sparks calls for global court over finance fraud

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.

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.”

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