Some of the world’s biggest banks are urging a U.S. judge not to immediately terminate Libor after a group of borrowers filed a suit claiming the benchmark was the work of a “price-fixing cartel.” The defendants, including JPMorgan, Credit Suisse and Deutsche Bank, said in a November filing that abruptly ending the London interbank offered rate would wreak havoc on financial markets and undermine reforming the reference rate. Policy makers around the globe have been developing new benchmarks to replace Libor by the end of 2021, and in November, officials proposed an extension for some dollar Libor tenors until mid-2023. Here's more on why ditching Libor is a complex task.