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A lawsuit that has worked its way through New York federal courts since 2017, including up to the Second Circuit Court of Appeals, has met its final stop at the United States Supreme Court. This week, the Supreme Court denied a petition for a writ of certiorari in the Kirchner case. This case raised the question of whether broadly syndicated term loans are “securities” and therefore should be subject to state and federal securities regulations.
We have a final answer to the question of whether a term loan is a security. Yesterday, the Second Circuit Court of Appeals affirmed the District Court’s decision in the Kirschner Case that a term loan is not a security.
We have been following the litigation over the question of whether certain syndicated loans are securities. Kirschner v. JPMorgan Chase Bank, N.A., which has been before New York federal courts for years, is now before the United States Court of Appeals for the Second Circuit.
We continue to follow the litigation over the question of whether certain syndicated loans are securities. Kirschner v. JPMorgan Chase Bank, N.A., which has been before New York federal courts for years, is now before the United States Court of Appeals for the Second Circuit.
We have been following a case that has been winding its way through New York federal courts for some time that players in the syndicated loan market have described as everything from “a potential game changer” to an “existential threat” to the syndicated loan market. The case in question is Kirschner v. JPMorgan Chase Bank, N.A., which is before the United States Court of Appeals for the Second Circuit.