Restores the champerty defense in sovereign debt lawsuits for claims greater than $500,000 with respect to suits brought by litigious holdout.

New York A00643 amends the judiciary law and the civil practice law and rules to restore the champerty defense in sovereign debt lawsuits for claims greater than $500,000 brought by litigious holdout investors. The bill excludes conventional and cooperative investors who may occasionally choose to sue. The restoration is not intended to apply to conventional and cooperative investors who regularly buy and hold sovereign debt or purchase debt at a discount in the secondary market. The bill also modifies the rate of interest for certain claims and judgments.

Restores the champerty defense in sovereign debt lawsuits for claims greater than $500,000 with respect to suits brought by litigious holdout.

New York A00643 amends the judiciary law and the civil practice law and rules to restore the champerty defense in sovereign debt lawsuits for claims greater than $500,000 brought by litigious holdout investors. The bill excludes conventional and cooperative investors who may occasionally choose to sue. The restoration is not intended to apply to conventional and cooperative investors who regularly buy and hold sovereign debt or purchase debt at a discount in the secondary market. The bill also modifies the rate of interest for certain claims and judgments.