US Enacts LIBOR Transition Law

President Biden on March 15, 2022 signed into law the Adjustable Interest Rate (LIBOR) Act (the “LIBOR Act”), long-awaited federal legislation to address the potential disruption of contractual continuity and litigation risk posed by financial instruments that incorporated US Dollar LIBOR as a term for the payment of interest but lacked a workable – or in some cases, any – “fallback” rate to replace LIBOR in the event of its cessation, which is now a reality. Read more