The International Network of Lawyers in the field of the Financial Litigation and the Justice Commission of the House of Representatives study the incorporation of the class actions to the Spanish Legal System.
LAWYERS URGE CONGRESS TO ADDRESS LEGAL INSTRUMENTS FOR MASSIVE FRAUD CASES
• The International Network of Lawyers in the field of the Financial Litigation claims to the regulators and supervisors to take responsibility in cases of financial fraud.
• The first congress of the Network has been closed with the 'Madrid Declaration on the Protection of Investors’
Madrid, September 26. - The International Network of Lawyers in the field of the Financial Litigation asked the Justice Commission of the House of Representatives to create the appropriate legal instruments to achieve effective justice in cases of massive fraud.
This was requested yesterday in a meeting held in the House of Representatives with members of the Justice Commission, which coincided with the celebration in Madrid of the first congress of the Network, which has been closed with the 'Madrid Declaration on the Protection of Investors’.
In this Declaration lawyers from more than twenty different countries claim to regulators and supervisors to take responsibility of the financial frauds in witch they have not acted with the due dilligence.
In the Spanish case, the lawyers have recalled the failed go public of Bankia approved by the CNMV and the Bank of Spain, or the authorization for the last increase in share capital of Pescanova, or for the commercialization of preferred stocks.
According to lawyers, for international investors can regain his confidence in Spain, it is needed to show that both regulators and supervisors are committed to a legal certainty and they take on their responsibilities, compensating the damage caused.
Thus, the International Financial Litigation Lawyers had requested in the Madrid Declaration to regulators, legislators and the courts of their jurisdiction to strengthten the investor protection, promote coordination and consistency between jurisdictions and improve, where appropriate , the legal mechanisms allowing that similar claims plaintiffs can pursue their rights through a coordinated procedure.
As stated in the Declaration at the meeting with members of the Justice Committee, the lawyers transmit to their Members the need for appropriate legal instruments to achieve effective justice in cases of massive fraud, in line with collective demands proposal that the European Commission is studying.
In this respect, the Commission of Justice and the International Financial Litigation Lawyers agreed to begin the study of the proposal to create a working group to analyze.
Network attorneys have completed this first congress held today in Madrid with a visit to the Bank of Spain, coincided at the exit with a demonstration of a group of people affected by preferred sharers, who were protesting due to his lack of rights as well as his losses.
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INTERNATIONAL FINANCIAL LITIGATION NETWORK LAUNCHED
Law Firms from 15 Countries Seek International Solutions to Financial Problems
New York, May 22 - More than 20 law firms from around the world today launched the International Financial Litigation Network, a group seeking to facilitate effective cross-border representation for clients in global financial disputes and improve coordination across jurisdictions to increase confidence and transparency in capital markets worldwide.
Founding members include law firms from the United States, the United Kingdom, Spain, Austria, Sweden, Colombia, Israel, Ireland, Finland, Luxembourg, Morocco, Pakistan, Turkey, India, Italy and Brazil. The Network is in membership discussions with other leading financial litigation firms in other jurisdictions.
The Network's member firms represent a broad spectrum of parties, both plaintiffs and defendants, involved in complex, cross-border financial disputes -- such as individual and institutional investors, banks, hedge funds and insurers. The Network is designed, in part, to help attorneys better serve their clients in financial matters by identifying sophisticated and experienced counsel in other jurisdictions in which their clients may have financial disputes to ensure quality advocacy -- whether for individuals seeking redress or financial institutions that find themselves as defendants in unexpected venues.
Headquartered in New York, the International Financial Litigation Network will also have a strong presence in Europe, with its General Secretariat located in the offices of Cremades & Calvo-Sotelo in Madrid.
"The financial sector went global a long time ago and we cannot always count on regulators around the world to keep up with ever more complex products and their attendant risks," said Javier Cremades, the Spanish attorney who will act as the Network’s first chairman. "Lawyers must work together globally to identify and improve the resources available to their clients to make sure their legal needs are met and their interest are adequately protected."
Working with Cremades in the new organization will be vice chairmen Iacopo Destri of the Italian firm C-Lex Studio Legale; Lawrence Sucharow of Labaton Sucharow; Glen DeValerio of Berman DeValerio; Paul Sarkozi of Tannenbaum Helpern Syracuse & Hirschtritt, LLP and Paul Kennedy, of the Dillon Eustace of Ireland and the Cayman Islands. James Duffy, of Berg & Duffy, was appointed secretary.
Goals of the International Network
The Network aims to promote collaboration in international financial matters to help facilitate cost-effective resolution of disputes and avoidance of duplicative and inconsistent adjudication of the same matters in different jurisdictions, thus increasing the likelihood of resolving financial disputes in a way that all market participants will find to be substantively and procedurally fair.
The International Financial Litigation Network also seeks to develop best practices and sharing of ideas among inside and outside counsel and judges across jurisdictions to make the global litigation experience more transparent and more comprehensible -- thereby reducing risk, promoting trust and encouraging safer investments.
Founding Statement of the International Network
As its first order of business, the International Network issued a declaration calling for the need to improve the legal security of financial markets, introduce best practices and promote collaboration of regulators – measures the founding members believe are needed to effectively promote their clients’ interests.
Contact:
Diego Solana Giménez
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+34 91 426 40 50
Richard Lorant
+1 617 230 0903
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