New York state lawmakers have reintroduced legislation that would curb some investors’ ability to buy distressed sovereign debt and sue for full repayment, a move that would reshape the legal landscape for sovereign international bonds. The proposal would amend the state’s so-called champerty law to allow courts to dismiss claims where sovereign debt was acquired primarily for litigation. It would also reduce pre-judgment interest from the current fixed rate of 9% to a market-based benchmark. The bill revives a proposal that passed the State Senate last year and is again being advanced with the backing of debt-relief advocates [...]