NEW YORK, March 10 (UPI) -- A coalition of law firms linked by the fraud case involving New York trader Bernard Madoff is requesting formation of an international finance court.
The group known as the Madoff Case Global Alliance of Law Firms represents 45 firms from 25 nations, USA Today reported Tuesday.
The group collectively represents 10,000 individual victims of the trader's alleged Ponzi scheme, who are reported to have lost $50 billion.
The coalition's president Javier Cremades, a partner in the Spanish firm Cremades & Calvo-Sotelo, said the case was so far-reaching, it is "a global threat to everyone, including governments."
The coalition plans to petition members of the Group of 20 nations to set up an international court to act as adjudicator for international fraud cases, the newspaper said
