Global tribunal for bank disputes to launch in The Hague next year
A global financial disputes tribunal to settle complex international disputes is set to be created in The Hague next year. The launch, which is slated for the first half of next year, comes as a result of a roundtable featuring leading lawyers and financial experts held at the Peace Palace in The Hague yesterday (25 October). The meeting, which was organised by Dutch not-for-profit organisation World Legal Forum (WLF), was chaired by former Lord Chief Justice Lord Woolf of Barnes.
October 26, 2010 at 07:15 AM
2 minute read
A global financial disputes tribunal to settle complex international disputes is set to be created in The Hague next year.
The launch, which is slated for the first half of next year, comes as a result of a roundtable featuring leading lawyers and financial experts held at the Peace Palace in The Hague yesterday (25 October).
The meeting, which was organised by Dutch not-for-profit organisation World Legal Forum (WLF), was chaired by former Lord Chief Justice Lord Woolf of Barnes (pictured).
Representatives of the European Central Bank, the US Securities and Exchange Commission and the New York Federal Reserve were among delegates from 14 countries discussing the initiative.
The tribunal will be made up of a panel of recognised international market experts in finance and will provide judges and advisers to resolve cases through either mediation or arbitration.
The tribunal will aim to resolve the increasing number of intricate global financial disputes – particularly those resulting from complex financial products such as derivatives.
It will focus on disputes between financial institutions such as banks, insurance firms and pension funds but could also consider disputes between institutions, such as clearing houses and exchanges and their customers or institutions and regulators.
Lord Woolf commented: "This initiative would be a massive step forward, which would benefit financial markets around the globe."
Jeffrey Golden, a visiting professor of law at the London School of Economics and Political Science and a member of the WLF advisory board, said: "The world's biggest financial cases are too serious, too complicated and too important for most ordinary courts to cope with. This tribunal would have the expertise and the authority to help the world establish a settled and watertight body of law in the financial sector."
He added: "The financial crisis has been an epidemic which has left many market patients sick or even terminally ill. Better financial regulation is the preventative medicine but in the meantime the courts are our hospitals and we should ensure that they are efficient and that we have the qualified staff to run them."
- For more, see A suitable venue.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllLatAm Moves: DLA Piper Chile, Brazil’s Demarest Build Out Disputes Muscle
Kingsley Napley and Lord Pannick Spearhead Private Schools' Challenge to Government VAT Policy
Spain Loses Appeal as London Court Rejects Claim of Immunity in €101 Million Arbitral Award Enforcement
Jones Day Expands European Footprint with Global Disputes Partner in Madrid
Trending Stories
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250