Lawyers pick holes in Libor statutory fix

US ‘tough legacy’ contracts open to legal challenge even if proposed New York law is passed


Legislation designed to switch financial contracts referencing US dollar Libor to a replacement benchmark without exposing users to litigation could be challenged in the courts, legal experts say.

The Alternative Reference Rates Committee (ARRC), the Federal Reserve-sponsored group overseeing US benchmark reform, released a legislative proposal on March 6 to address the problem of ‘tough legacy’ contracts that are most stubbornly welded to Libor.

The planned law aims to provide immunity from

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