LIBOR: Litigation risks in the endgame?

In 2021 we will bid farewell to LIBOR and welcome in SONIA. The two systems work in different ways, with LIBOR looking forward and SONIA looking back.

So as well as welcoming in a new rate, will we also be greeting a period of risk and turbulence caused by this transition? In this short note, we explore why this change may give rise to new claims and how those claims might be framed.