A series of momentous political and judicial developments in 2024 have dramatically shifted the ground for the legislative, regulatory and judicial treatment of U.S. financial markets, including the syndicated loan and private corporate credit (PCC) markets.
Two recent settlements demonstrate the SEC’s focus on whether RIAs have established, maintained and enforced policies and procedures regarding the use of MNPI.
The LSTA joined with the @Creditor Rights Coalition to successfully push back against a proposed and misguided “champerty” law that would have had negative implications for distressed credit trading markets (and beyond).
The Supreme Court denied Kirschner's petition for certiorari, finally ending the case. As LSTA's Elliot Ganz explains, this cements that syndicated loans are not securities, an immense victory for the loan market.
The US Supreme Court has this morning denied the petition for certiorari filed by Marc Kirschner, Trustee for the Millennium Labs Litigation Trust. This leaves in place the decision of the US Court of Appeals for the 2nd Circuit that syndicated term loans are NOT securities and ends, once and for all, this misguided litigation....