February 20, 2024 - 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.

The LSTA team has been heavily involved in this case for five years, filing two critical amicus briefs, working closely with counsel to the principals, and engaging with the SEC, the Treasury Department and the banking agencies for many years to make it clear that the loan to Millennium Labs, and syndicated term loans more broadly, are not securities.  We are very gratified with the Supreme Court’s decision to deny review which represents an immensely positive result for our market.