A suitable venue
Rivers of ink have been spilled on designing a regulatory response to the global financial crisis. On global financial dispute resolution, not so much. "The newspapers are full of stuff about regulation," complains derivatives guru Jeffrey Golden of Allen & Overy (A&O). "But there's not a word about judges and courts. The whole focus is on preventive medicine, and nobody's paying attention to the hospitals full of sick patients." By sick patients, Golden means banks caught in litigation over structured finance.
There is currently no international court to handle Madoff-scale fraud cases or cross-border disputes between the world’s biggest banks. A few lawyers are starting to imagine what one might look like. Michael Goldhaber reports
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