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Libel of review is a procedure provided for by the rules of some Admiralty Courts for demanding that the court correct or changes its decree after the rendition thereof, and after expiration of the term in which it was rendered.
“The libel of review derives from the bill of review in equity and is to correct a decree of the admiralty court where no other remedy is available because the term of the court rendering the decree has expired and the time for appeal has gone by. The libel of review, like its analogue a bill of review in equity, will lie only when other relief is not open to the party aggrieved. The origin of bills of review lay principally in the old rule that a court cannot set aside or alter its final judgment after the expiration of the term at which it was entered, unless the proceeding for that purpose was begun during that term.” [Cooper Stevedoring Co. v. Luckenbach Overseas Corp., 231 F. Supp. 258 (S.D.N.Y. 1964)].