Restores the champerty defense in sovereign debt lawsuits for claims over $500,000, excluding conventional and cooperative investors.
This bill amends the judiciary law to restore the champerty defense in sovereign debt lawsuits for claims exceeding $500,000, excluding suits brought by conventional and cooperative investors. Conventional investors are those who regularly buy and hold sovereign debt in the primary market, while cooperative investors are those who purchase debt at a discount in the secondary market and support consensual resolutions of sovereign debt distress.
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