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Lawsuit Seeks to Abolish LIBOR

Bank defendants argue that sudden elimination of the benchmark would be ‘a catastrophe.’

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Some of the world’s biggest banks are urging a U.S. judge not to immediately terminate LIBOR after a group of borrowers filed suit claiming the benchmark was the work of a “price-fixing cartel.”

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LIBOR Still Needs a Legislative Fix

William Shaw |

The delay in LIBOR retirement just puts off the inevitable; lawmakers need to clarify what benchmarks will replace LIBOR in financial contracts whenever it finally ceases to be used.

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