New York Law Journal Publishes Article Examining Proposed LIBOR Legislation

Litigation & enforcement co-chair Gregg Weiner, partners John Bueker, Dan Ward and associate Ethan Fitzgerald co-authored an article published by The New York Law Journal that examines Governor Cuomo’s proposed LIBOR legislation, including its promise and limitations. LIBOR, a benchmark interest rate used worldwide in trillions of dollars’ worth of investment contracts and other financial instruments, is being phased out and will cease publication in its current form entirely by mid-2023. Given the various challenges that could be brought even if the proposed legislation is adopted, any party to a significant number of LIBOR-based contracts would be wise to start planning now, according the authors.