22 firms form global litigation alliance

June 12, 2013 An alliance of 22 law firms has formed to collaborate on financial litigation against questionable funds and dodgy financial products sold across borders.

The International Network for Financial Litigation will provide members with increased client referrals while also allowing them to exchange information and enhance coordination on complex cross-border litigations.

The Network will be led by Javier Cremades, chairman of the Spanish law firm Cremades & Calvo-Sotelo. It includes firms from the United States, Colombia, Israel, Macau, Morocco, Turkey and India, Spain, Finland, Britain, Luxembourg and Italy.

The model emerged from an alliance of about 60 law firms that reached a settlement with banks that sold Bernie Madoff’s funds, achieving compensation for defrauded clients.

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".

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