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Loans Syndicated Loans Securities

Alston & Bird

Broadly Syndicated Loans Are Not Securities

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After the Supreme Court denied a certiorari petition, the Second Circuit’s Kirschner ruling is the law of the land. Our Distressed Debt & Trading Team explores how the circuit court came to its decision that syndicated term...more

Skadden, Arps, Slate, Meagher & Flom LLP

A Decades-Old Question Answered: Term Loans Are Not Securities

A recent appellate ruling, Kirschner v. JPMorgan Chase Bank, N.A., rejected the contention that syndicated term loans should be treated as securities, affirming the long-held view by market participants that these loans are...more

Latham & Watkins LLP

2nd Circuit Ruling Is Good For Syndicated Lending Stability

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On Aug. 24, the U.S. Court of Appeals for the Second Circuit issued its highly anticipated decision in the case of Kirschner v. J.P. Morgan Chase Bank NA. The three-judge panel unanimously upheld the district court's...more

Husch Blackwell LLP

Second Circuit Maintains Key Distinctions Between Term Loans and Securities, Affirms Kirschner Decision

Husch Blackwell LLP on

Last month, we reported how a key component of project finance—syndicated term loans—was the subject of a crucial case being heard in the U.S. Court of Appeals for the Second Circuit. In Kirschner v. JP Morgan Chase, the...more

Sullivan & Worcester

Are Syndicated Term Loans Securities? The Second Circuit Says No.

Sullivan & Worcester on

On August 24, 2023, the Second Circuit Court of Appeals determined in the highly anticipated case, Kirschner v. JP Morgan Chase Bank N.A., et al., that syndicated term loans are not securities. The Court upheld the district...more

Morrison & Foerster LLP

Recent Second Circuit Decision Holds That Term Loans Are Not Securities in a Win for Participants in the Syndicated Loan Markets

In Kirschner, the Court of Appeals for the Second Circuit unanimously affirmed a district court order that held that notes evidencing term loans were not securities but rather “[l]oans issued by banks for commercial...more

Latham & Watkins LLP

Kirschner v. JP Morgan: Second Circuit Affirms That Syndicated Loans Are Not Securities

Latham & Watkins LLP on

Second Circuit upholds SDNY’s finding that under Reves syndicated loans are not securities under federal law. Introduction - On August 24, 2023, the US Court of Appeals for the Second Circuit issued its highly...more

Husch Blackwell LLP

Are Syndicated Term Loans Subject to Securities Laws?

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Syndicated term loans can be a significant piece of the capital stack when financing renewable energy projects; however, a crucial pending case in the U.S. Court of Appeals for the Second Circuit could complicate the use of...more

Lowenstein Sandler LLP

Are syndicated loans actually securities? The SEC “is not in a position” to say.

Lowenstein Sandler LLP on

If you have been following the appeal in Kirschner v. JP Morgan Chase Bank, N.A., No. 21-2726, you know that the Second Circuit, following oral argument on the Trustee’s appeal of the District Court’s decision that the...more

White & Case LLP

Leveraged Loan Update: Millennium Court Decision Confirms Syndicated Loans Are (Still) Not Securities

White & Case LLP on

The Bottom Line: On May 22, 2020, the United States District Court for the Southern District of New York concluded that broadly syndicated term loans are not "securities". This decision is highly significant to the US...more

Dechert LLP

Some Good News for the Loan Industry—Loans Are Not Securities

Dechert LLP on

Although the loan industry has long looked at loans as being obligations that arise in a commercial lending relationship, which are therefore not securities under Federal and state securities laws, the law supporting this...more

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