January 19, 2023 - The U.S. Court of Appeals for the 2nd Circuit scheduled oral argument for March 9, 2023 in a case that will decide whether syndicated Term Loan Bs are subject to state (and, by association, federal) securities laws. The case, Kirschner v. JPM, is on appeal from a decision by a judge in the Southern District of New York who ruled that the securities laws did not apply. As we’ve reported, the LSTA submitted an amicus brief to the 2nd Circuit supporting that view. We will continue to follow the case closely.
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