The official launch and the adoption of the Constitution of the International Financial Litigation Network occurred on May 22, 2013 in New York City and on May 23, 2013 in Washington, D.C.

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.

Working with Cremades in the new organization will be vice chairmen Iacopo Destri (C-Lex Studio Legale) of Italy; Paul Kennedy (Dillon Eustace) of Ireland and the Cayman Islands; and Glen DeValerio (Berman DeValerio), Paul Sarkozi (Tannenbaum Helpern Syracuse & Hirschtritt, LLP) and.Lawrence Sucharow (Labaton Sucharow), all of the United States. James Duffy, of Berg & Duffy (U.S.) was appointed secretary.

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.