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S 1477·NY·senate

Relates to the purchase of claims by corporations or collection agencies

Passed One ChamberFiled Jan 10, 2025
Sponsor: Liz Krueger
Latest Action

REFERRED TO JUDICIARY

Jun 2, 2026

Summary

The bill revives the champerty defense for lawsuits involving sovereign‑debt claims over $500,000, but only for holdout investors, not for regular or cooperative investors. It also sets the interest rate on judgments against foreign governments to the weekly average 1‑year Treasury yield for actions filed after Jan. 1, 2026, while keeping general interest at 9% and consumer‑debt interest at 2%. The changes aim to curb aggressive claim‑purchasing tactics and align interest awards with market rates.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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