Legal Update: US ARRC Proposes a New York State Legislative “Solution” for Legacy LIBOR Contracts Without Adequate Fallbacks—But What Does It Actually “Solve”?

On March 6, 2020, the Alternative Reference Rates Committee (ARRC) released its “Proposed Legislative Solution to Minimize Legal Uncertainty and Adverse Economic Impact Associated with LIBOR Transition.” This Legal Update summarizes the proposed legislation and discusses why, though well-intentioned, it may not be sufficient to meet the ARRC’s objective.

Read our full legal update here.