As the December 2021 date of uncertainty for LIBOR approaches, the likelihood of thousands of “tough legacy” contracts being left in a legal limbo continues to increase, according to a recent Law360 article. There are currently proposals in the U.S., U.K. and E.U. designed to address these issues, each with their own benefits and potential shortcomings. An analysis of the three jurisdictions’ potential legislation found that if these proposals are implemented together, they could create unstable and uncertain situations for market participants. For example, they note that situations could arise where courts would have to decide whether contracts under U.S. and U.K. law could be amended or made null and void by E.U. legislation. The article concluded that the best solution for this problem would be for regulators and governments in the three jurisdictions to work together in developing a harmonized approach.