Libor Transition Hits 'Milestone' With NY Legacy Contracts Fix

By Jon Hill (March 25, 2021, 9:45 PM EDT) -- New York has passed legislation that should help smooth the Libor transition for potentially trillions of dollars in financial instruments, a development that financial services industry groups and attorneys are hailing as an important step in the high-stakes preparations for the benchmark's impending retirement.

By near-unanimous votes Wednesday, Albany lawmakers approved a bill designed to address the problem of so-called tough legacy financial contracts that rely on the London Interbank Offered Rate but could be thrown into disarray when it is discontinued after mid-2023.

Although regulators have been warning the financial industry for years of the need to prepare their contracts...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!