Immunizing Banks From Libor Liability Could Hurt Consumers

Law360 (July 23, 2020, 5:00 PM EDT) -- A massive new financial crisis is looming, and the financial elite tasked with resolving it want to rewrite the law to give themselves a path to immunity — a plan that could imperil millions of consumers.

It is the latest development in the ongoing saga around Libor, an interest rate benchmark that threatens to destabilize the global economy when it expires next year. Replacing it, according to Rep. David Scott, D-Ga., "poses one of the greatest potential disruptions to our financial system ever."[1]

To defuse the crisis, the world's top banks are leading what's been called "the largest financial engineering project...

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