Reuters reports that a second wave of Libor litigation could be heading our way depending on how the rate is changed.  You can get the article here.  If you don’t feel like making the jump, here’s what you need to know:

Major changes to the way Libor is set could trigger years of legal wrangling between derivatives counterparties to determine what effect those changes have on existing contracts.

The rate to which USD350trn over-the-counter swaps contracts are benchmarked is about to embark on the biggest overhaul of its 26-year history as Martin Wheatley, managing director of the UK’s Financial Services Authority, presents his recommendations for the future of Libor on Friday.