Firms Form Global Alliance To Pursue Madoff Cash

Law360, New York (February 17, 2009, 12:00 AM EST) -- An unprecedented financial fraud brought together an unprecedented group of plaintiffs attorneys Tuesday as a group of 34 law firms from 21 countries gathered in Madrid to foment a unified strategy to recover some of the $50 billion lost in Bernard L. Madoff’s alleged Ponzi scheme.

“This is probably the first major global fraud; consequently, we believe it requires a global answer,” Spanish law firm Cremades & Calvo Sotelo said in a statement.

The meeting, held at the firm’s offices, included attorneys from firms based in...
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