New York Assembly Considers Vote on Sovereign Debt Lawsuit Restrictions
Pymnts
A New York bill restricting investor lawsuits on foreign sovereign debt passed the Senate and awaits Assembly action.Summary
A New York bill restricting investors from purchasing claims on foreign sovereign debt to file lawsuits passed the state Senate and was sent to the Assembly on June 2. Known as the Champerty Fix Act, the legislation aims to deter predatory lawsuits that drain resources from distressed countries. However, financial industry groups oppose the bill, arguing it could harm New York's status as a global financial center and increase borrowing costs. Assembly sponsor Jessica Gonzalez-Rojas reports positive conversations with leadership, though a similar bill died in the Assembly last year.
(Source：Pymnts)