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Justin Lungstrum Quoted in Risk.net on LIBOR
01.08.20
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Corporate Partner Justin Lungstrum was quoted in a Risk.net article titled, “In the US, it’s an even ‘tougher legacy’ for Libor.” The article discusses the issue of legacy cash LIBOR contracts in the U.S., highlights how the Alternative Reference Rates Committee plans to reach out to New York state authorities to discuss the feasibility surrounding its outline of legislation to address the legacy LIBOR contracts, and notes that even if New York state did pass such a law, it would likely face constitutional challenges. “For products like mortgages, there could be an even stronger consideration about the constitutionality of having a government-imposed change to the rate, where it’s establishing an alternate rate that does not comport with the words of the contract,” Justin said.
To read the full article, please click here (subscription required).