Our articles are written by experts in their field and include individual barristers, solicitors, academics, judges, and leading firms in relevant areas of practice. JIBFL offers authoritative insights into global banking and financial law, providing essential updates for legal practitioners and policymakers. Covering key topics like lending, security interests, derivatives, debt capital markets, banking and finance related disputes, crypto, FinTech and financial regulation, JIBFL serves as a trusted resource for navigating complex legal challenges and staying informed in the financial sector. If you would like to contribute, please email Amanda.Cohen2@lexisnexis.com.
Ending LIBOR: a landmark ruling on Tough Legacy contracts
© Copyright LexisNexis 2025. All rights reserved.
The High Court case Standard Chartered PLC v Guaranty Nominees Ltd [2024] EWHC 2605 (Comm) and others addressed “Tough Legacy” contracts, which referenced LIBOR but could not be amended consensually. Standard Chartered sought a ruling on substituting LIBOR with a similar rate after synthetic LIBOR stopped in 2024. In a strong and well-reasoned judgment, the two-judge court ruled that an implied term was needed for business efficacy. It endorsed CME Term SOFR with a spread adjustment as an objective alternative to LIBOR, enhancing contractual certainty for future cases. This decision underscores the Financial Markets Test Case Scheme’s value in resolving key financial uncertainties.
If you are already a User, sign in
Or you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this article in full.
Alternatively you can subscribe here to read unlimited content.
