In two long running claims, the High Court handed down judgment in favour of financial institutions. The court held that there had been alleged benchmark manipulation and implied misrepresentation about LIBOR. At the start of 2020, the Financial Conduct Authority also released its outline for phasing LIBOR out by the end of 2021 in the US and transitioning to the new benchmark rate – SONIA. With a predicted rise in litigation cases, litigators remain anxious as to the true impact this will have on the complexity of financial litigation. What do you need to know now? How should you begin to prepare for the transition and what risks and challenges lie ahead?