City law firm Speechly Bircham has teamed up with 34 other law firms, from over 21 countries, to establish an international alliance of law firms in reaction to the global fraud committed by Bernard Madoff. The aim of the initiative is to form an international network and coordinate the legal teams in support of the victims who have been affected by the worldwide fraud.
Members of the global law firm alliance met for the first time in Madrid on 17 February 2009 for a conference.
Various firms of the alliance are representing banks, hedge funds, public authorities and individuals. The alliance will provide a platform for the coordination of legal actions in different jurisdictions and a forum for the exchange of experiences, information and know-how.
Javier Cremades, founder and executive director of Spanish firm Cremades & Calvo-Sotelo, has been appointed as President of the Alliance. Javier comments: “This represents a milestone. A group of lawyers from a variety of law firms and different continents, coming together to evaluate the scope of damage caused and to articulate the right to defence of the defrauded. Possibly this is the first time in history that a real global answer is sought to a global problem. This is even more important in a case like the Madoff-case as it escapes the traditional reach of national jurisdictions.”
Speechlys is handling several claims on behalf of investors who have suffered loss as a result of the financial crisis, and are receiving an increasing number of enquiries from Madoff victims. Speechly Bircham partner, Nick Gibbons, comments: “We are delighted to be a member of this global alliance which will enable us to share ideas and experiences with our colleagues in other jurisdictions.”
For more information, please contact:
Nick Gibbons, Partner, on 020 7427 6415 or nick.gibbons@speechlys.com
Charlotte Souter, press office, on 020 7427 6466, charlotte.souter@speechlys.com